E-COMMERCE TO PROPEL GROWTH
Efficient and affordable e-commerce can help sustain economic activities and drive growth as the country continues to manage COVID-19 risks and transitions to the new and better normal, the National Economic and Development Authority said.
“Online shopping and marketing platforms will play a bigger role in the new normal as businesses and consumers increase the use of electronic transactions, including cashless payment systems and other financial technology platforms,”
said NEDA Acting Secretary Karl Kendrick T. Chua.
The NEDA-led Inter-agency Task Force Technical Working Group for Anticipatory and Forward Planning (IATF-TWG for AFP) launched three separate surveys from April 5-8, 2020, targeting the consumers, agriculture, industry and services sectors and the general public.
The results of the consumer survey, which generated data from 389,859 respondents, show that more than 50 percent in the non-government sectors experienced a decline in income, largely due to the loss of their source of livelihood.
Moreover, many had difficulty in accessing goods and services because of the closure of business establishments, imposition of early curfews, and lack of public transportation.
“Businesses need to innovate and make full use of technology to resume operations and cater to consumer needs and preferences while still managing risks of Covid-19 infection,”
Among the recommended legislative actions contained in the We Recover as One report is to revisit 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.
“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,”
Chua added that investments in ICT infrastructure will also have to be boosted to meet the surge of online transactions and the consumers’ expectations for reliable digital connectivity.
Financial institutions are also encouraged to implement better cybersecurity measures and regulations for both consumers and merchants/establishments.
In addition, changes in consumer preferences such as the rising demand for safe and nutritious food would require strict enforcement of food safety laws, regulations, standards, and sanitation protocols.
To help protect consumers from loss and uncertainty, information and education campaigns on insurance policies will also be needed.
“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,”
the Cabinet official said.
The We Recover as One report was recently released online, which can be accessed through this link: http://www.neda.gov.ph/wp-content/uploads/2020/05/We-Recover-As-One.pdf