NEDA recommends E-Commerce to sustain PH economy

MANILA, Philippines – National Economic Development Authority (NEDA) Acting Secretary Karl Chua said e-commerce can help sustain the country's economic growth during the coronavirus pandemic. 

 

Chua said online shopping and marketing platforms will play a big role in the new normal with more businesses and consumers using electronic transactions such as cashless payments.

 

One of the solutions NEDA suggested in its We Recover as One Report is to make the Electronic Commerce Act of 2000 more comprehensive. Suggested changes include detailing transactions covered by law, specifying rights of consumers, and strengthening penalties imposed on service providers.

 

“Businesses need to make online shopping easy, affordable, and secure for consumers so that they need not go out to buy what they need and want,” Secretary Chua said. 

 

He emphasized that to meet the surge of online transactions and ensure reliable digital connectivity, investments need to be allocated to boosting ICT infrastructures. Financial institutions should also implement better cybersecurity measures for sellers and consumers.

 

“The passage of the Financial Consumer Protection Bill will provide the regulatory framework to protect the interest of financial consumers and reinforce confidence in financial markets,” he added.

 

Meanwhile, a consumer survey conducted by the NEDA-led Inter-Agency Task Force Technical Working Group for Anticipatory and Forward Planning (IATF-TWG for AFP) said more than 50 percent of the private sector experienced a decline in income mainly because of the loss of their source of livelihood.

 

The survey also said businesses had trouble accessing goods because of measures implemented during community quarantine, such as the closure of business establishments, implementation of curfew, and limitations to public transportation.