Central banks around the world are now looking into central bank digital currency (CBDC) due in part to the digitalization of payments, with some pilot testing their own version of the currency.
The National Privacy Commission (NPC) has issued a circular in response to numerous complaints that online lenders were illegally using personal data of clients and those of others on their contact lists, causing damage to their reputation and violating their rights as data subjects.
Sen. Risa Hontiveros has called on the Commission on Audit to review the Department of National Defense's (DND) 2020 spending on cybersecurity in light of the agency's proposed P500-million fund for the same category in 2021.
The Bangko Sentral ng Pilipinas (BSP) has unveiled its Digital Payments Transformation Roadmap 2020-2023, which charts the central bank’s current initiatives and strategy in advancing a digital payments ecosystem.
The NPC said the chief concerns were the improper use of logbooks and the lack of appropriate data-protection measures that left in the open filled-out contact-tracing forms that contain customers' data, such as names, addresses and contact details, which other people could see.
The Philippine Statistics Authority (PSA) said the sudden change of bidding rules that allowed Madras Security Printers and Mega Data Corporation to bag the project was due to its strategy towards incorporating cloud computing as part of a hybrid approach.
But a report from the World Bank noted that the country’s Internet connectivity – the foundation of the digital economy – is limited in rural areas, and where they are available, services are relatively expensive and of weak quality.
Through the National Broadband Program (NBP), government agencies can avail Internet service at P50 per Mbps of Internet bandwidth per month compared to the current P350, the DICT said.
A recent survey conducted by the World Bank (WB) revealed that almost two-thirds of Philippine companies have turned to digital solutions for sales, marketing, and payment methods to adapt to the new normal.
