House approves bill protecting online consumers, merchants
December 14, 2022 at 10:46 am, No comments
The bill seeking to protect consumers and merchants engaged in internet transactions was approved by the House of Representatives on 3rd and final Reading last Monday, December 12, 2022.
The approved House Bill No. 4 is a consolidation of nineteen bills authored by Representatives, including Cagayan de Oro City Rep. Rufus Rodriguez.
The proposed “Internet Transactions Act” seeks to protect consumers and merchants engaged in internet transactions through the effective regulation of commercial activities.
It aims to promote and maintain a robust electronic commerce (eCommerce) environment that is efficient, trustworthy, secure, and reliable.
This proposed law shall apply to any stage of all business-to-business and business-to-consumer eCommerce and internet transactions including internet retail of consumer goods and services, online travel services, online media providers, ride hailing services, and digital financial services.
The bill also mandates for the creation of an eCommerce Bureau under the Department of Trade and Industry (DTI) that shall have authority over internet activities that are currently not regulated.
The eCommerce Bureau shall establish a Registry of Online Business which will provide consumers with access to data of registered online business entities.
The proposed law also prescribes a code of conduct for all online businesses, as well as identifies prohibited acts and their corresponding penalties for those engaged in eCommerce.
Moreover, the bill calls for DTI to establish an industry-led eCommerce Trustmark to ensure safety and security in internet transactions.
Rep. Rodriguez hopes for the swift approval of this bill in Congress so that eCommerce in the country may be made more efficient, reliable, and secure. (PR)