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BSP supports Internet Transactions bill Date: September 06, 2020
The Bangko Sentral ng Pilipinas (BSP) is backing the proposed Internet Transactions Act, which will complement its earlier initiatives on electronic commerce (ecommerce). “The proposed bill can serve as a good starting point in regulating ecommerce in the country,” Raymond Estioko, the central bank’s head for Payments System Oversight Department, said at a recent Senate hearing on the proposed legislation. Formally known as Senate Bill 1591, the measure seeks to establish an “eCommerce Bureau” that will promote the development of ecommerce in the country by building trust between sellers and consumers, stronger online consumer protection, safer epayment gateways, easier online business registration, and formulation of other policies and programs to increase the number of online merchants and customers. “The measure will further enhance the competitiveness of Philippine micro, small and medium enterprises, which, in turn, serve as the backbone of the country, more so with the adoption of ecommerce,” Estioko said.

By Mayvelin U. Caraballo, TMT
September 6, 2020

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