NextGen Day

The Internet Transactions Act has been passed into law, as requested by the Department of Trade and Industry (DTI) to the Senate.

The Internet Transactions Act, often known as the E-Commerce law, was referenced by President Ferdinand Marcos Jr. in his first State of the Nation Address and is one of the administration’s top legislative priorities, according to DTI Assistant Secretary Mary Jean Pacheco.

During Monday’s virtual organizational meeting with the Committee on Trade, Commerce, and Entrepreneurship, Pacheco stated, “We’d like to see a thriving e-commerce industry that would also safeguard consumers, data privacy, intellectual property and security, and of course product and safety requirements.”

She highlighted the “e-Conomy Southeast Asia Report” published in 2021 by Google, which stated that with about 12 million subscribers, the Philippines has Southeast Asia’s fastest-growing internet economy and is expected to reach US$40 billion in value by 2025.

According to the report, “overall, the Philippines was the fastest-growing market in the region, driven by strict lockdowns as well as a tipping point on the adoption of certain digital services.” According to digital merchants, 39 percent of the pandemic would have killed them without digital platforms.

By establishing an E-Commerce Bureau under the DIT, the proposed E-Commerce Act aims to regulate internet business practices and safeguard consumers who conduct business online.

In addition, DTI Secretary Alfredo Pascual requested senators’ approval for Republic Act 9501, also known as the Magna Carta for Micro, Small, and Medium Enterprises, modifications and Philippines’ signing of the Regional Comprehensive Economic Partnership trade agreement.

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