Economic planners in the country are pushing reforms in the e-commerce sector in the midst of the digital services boom.
But, the government has warned that increased internet transactions can also lead to a rise in cybercrimes.
But first, in terms of broadband penetration and digital adoption, the Philippines has to catch up with neighboring countries. It still has one of the slowest Internet speeds in Southeast Asia while it has the most competitive pricing.
Under-Secretary Rosemarie G. Edillon of the National Economic Development Authority (Neda) said that such reforms can open up the telco sector through improvements to foreign investment and public service regulations. In addition, it is as well as pending open access to the data transmission bill.
Edillon said the changes would “reduce the digital divide by reducing market penetration barriers and the spectrum available for internet access” as well as “streamline network implementation permit requirements to cut costs.”
The Impact of Digital Technology in Business Operations
Socioeconomic Planning Secretary Karl Kendrick T. Chua stressed that “digital technology can significantly increase efficiency in business operations and public service delivery.”
But Finance Secretary Carlos G. Dominguez III warned consumers that the current e-commerce boom may also result in increased crimes on the internet
“With more commercial transactions going through cyberspace, expect a spike in cybercrime,” Dominguez said.
“The Philippine National Police and the Department of Justice have been alerted. And also, they have assured me that they have upgraded their capacity to detect, investigate, and prosecute cybercriminals,” Dominguez he added.
In a July 9 report titled “Cyber risk rises as coronavirus drives increased digital banking and remote work,” debt watcher Moody’s Investors Service said, “large-scale shift to digital banking and remote work has accelerated the technology cycle and increased banks’ vulnerability to cyberattacks.”
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