Fintech Alliance PH has commended the Philippine government for the enactment of the Internet Transactions Act (ITA), which aims to enhance and secure e-commerce transactions in the country.
President Ferdinand R. Marcos Jr. signed Republic Act 11967, known as the ITA, marking a critical step in the administration’s legislative agenda to foster trust in e-commerce and encourage its growth and development.
Fintech Alliance.PH, an industry association representing fintech startups and unicorns in the Philippines, welcomed the ITA.
The organization, representing over 100 corporate members responsible for over 95% of all fintech and digital financial transactions in the country, has been a key advocate and consultant in public and private sector affairs related to e-commerce, digital banking, and the digital economy.
Lito Villanueva, the Founding Chairman of Fintech Alliance.PH, praised the rapid passage and enactment of the law.
“This is a critical component toward a sustainable and inclusive digital economy. We look forward to working with the Department of Trade and Industry (DTI) and Bangko Sentral ng Pilipinas (BSP) particularly on incentivizing digital payments to increase adoption by businesses and consumers,” Villanueva stated.
He emphasized the importance of the law as a platform for e-commerce MSMEs and new market entrants to build and maintain public trust, leading to stronger consumer loyalty.
DTI Secretary Alfredo Pascual, a strong advocate of the legislation, commended the law as a pivotal development in protecting online consumers.
“The Internet Transactions Act is a landmark measure as it comes at a time when online selling and buying is our way of life,” said Sec. Pascual.
He expressed gratitude towards President Marcos Jr. for prioritizing the bill and acknowledged the support of Congress, particularly the legislation’s main sponsors.
The law establishes the Electronic Commerce Bureau, aiming to provide an additional layer of protection for consumers in the digital space. It reflects the country’s commitment to adapting to and advancing in the digital economy, as noted by Secretary Cheloy Garafil of the Presidential Communications Office.
The enactment of the ITA coincides with the rapid growth of the Philippine digital economy, which, according to the annual e-Conomy Southeast Asia report, is the fastest growing in the region.
The report projects the Philippine digital economy to reach a value of $24 billion by the end of this year and grow to $35 billion by the end of 2025.