With online transactions at an all-time high in the country, e-commerce site Lazada Philippines and local lender UnionBank have launched what is dubbed as the country’s first credit card optimized for e-commerce transactions.
The Department of Trade and Industry the number of registered online businesses surged from more than 1,600 online businesses that registered for the whole of 2019.
The Intellectual Property Office of the Philippines said House Bill 6122 or the proposed Internet Transactions Act would help the agency perform its mandate to protect intellectual property rights and create an e-commerce bureau under the Department of Trade and Industry.
With more Filipinos turning to the Internet to conduct daily businesses under the new economy, Sen. Sherwin Gatchalian is pushing for the Internet Transactions Act to make transactions easier and faster in order to strengthen the country's digital economy.
NEDA is recommending the revisit of the Electronic Commerce Act of 2000 to make it more comprehensive in detailing transactions covered by the law, specifying the rights of consumers, and strengthening the penalties imposed on service providers.
Over the week, Lazada said its partner agencies have raised more than P2,000,000 through its digital giving platform to support frontliners and provide relief to the people affected by the virus.
The Phillipines will no doubt be a fascinating growth market for e-commerce and will leverage unique technological, business, and policy solutions to build and increase trust into the e-commerce ecosystem.
DTI secretary Ramon Lopez also predicts 100,000 MSMEs engaging in e-commerce in the next three years, noting that over 30,000 sari-sari stores in the barangay level have capabilities for e-wallet loading and transferring of funds.
