Sunday , May 16 2021

House approved the Law on Internet Transactions at the last reading



Metro Manila (CNN Philippines, November 25) – With the increase in e-commerce transactions in the country during the pandemic, the House of Representatives passed a third reading of the proposed measure that would regulate these activities.

With 232 positive votes and six negative votes, the congressmen on Tuesday approved the Bill of the House of Representatives no. 7805 or the Law on Internet Transactions.

The proposed bill establishes the Bureau of Electronic Commerce, which will oversee the effective regulation of e-commerce activities in the country.

The e-commerce activities covered by the measure include e-commerce from business to business activity and business activity to consumer and Internet transactions, including those related to online retail of goods and services for consumer goods, services for travel through the Internet, providers of network media, walking services and digital financial services.

Consumer-to-consumer transactions are not included in regulated acts by law.

The E-Commerce Bureau also has a mandate to create an online litigation platform where consumers and online retailers can initiate and resolve disputes over their transactions.

The Bureau must also establish a code of conduct for all e-commerce business activities, which sets out the obligations of online sales platforms and the responsibilities of online retailers to protect the interests of consumers.

Under the proposed law, the Department of Commerce and Industry is tasked with creating an industry-led e-commerce Trustmark to ensure the security and safety of online transactions. Online traders who do not register with this trademark will pay a fine equivalent to 100% of the amount of digital goods they offer or sell on the market.

Consumers found guilty of violating the law will be fined up to 000 50,000, while platform operators who make mistakes and online traders will be fined between 000 500,000 and милиони 5 million. Their licenses may be revoked.

Bangko Sentral ng Pilipinas saw a significant increase in digital transactions during the first and second quarters of 2020 due to quarantine restrictions imposed by the COVID-19 pandemic.




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