Wed, 12 Aug 2020

DOT, DTI urge entrepreneurs to take advantage of e-commerce

Philippine Information Agency
10 Jul 2020, 20:38 GMT+10

QUEZON CITY, July 10 (PIA) -- The Department of Trade and Industry (DTI) and Department of Tourism (DOT) urged entrepreneurs to take advantage of digitalization and e-commerce to expand their businesses.

In a collaboration webinar held on July 9, 2020, titled, "CTRL+Biz: Reboot Tourism Now," the two agencies advised stakeholders and business owners to make the most out of this growing opportunity using computer processes to complete its business needs.

"One of the most important steps that business owners need to take to get their operations running is to turn to digitalization," Tourism Secretary Bernadette Romulo Puyat said in her opening statement while adding that digitalization of business processes has become a new way of life.

This is evident with the spending habit of the Filipinos, she shared.

Based on a recent survey conducted by Japanese Firm Rakuten saying that 44% of Filipinos, ages 35-44 have increased their online purchases during the COVID 19 pandemic.

"Stores and restaurants can offer their merchandise and meals, then receive payments online. Hotels and other accommodation establishments can accept bookings and account settlement without the need for face to face contact. E-wallets provide convenience in terms of seamless transactions," Puyat elaborated.

Meanwhile, Ferdie Perez, representative of GCash, emphasized that people should take the downfall of face-to-face businesses as something positive as it opened opportunities.

"Let's take this time to understand really what we have, what are our assets and what are our strengths, match that with the pinpoint of the consumers now and only then we can actually move our business forward even to the higher heights than before," he said.

In the same vein, Maan De Guzman of PayMaya shared public apprehension on cashless transactions.

"We do understand and acknowledge that there's a lots of unknown for now, but despite of fears that people are feeling, there is hope in ensuring strength of everyone," she said.

As a safety net for online financial dealings, the Bangko Sentral ng Pilipinas (BSP) instituted three consumer and sellers protection measures:

1. Section 4 of BSP Circular No. 649 requires electronic money issuers (EMI) to maintain a record-keeping system, which would store the e-money instruments issued, the identity of e-money holders, and individual and consolidated balances.

The system must be able to keep track of the movement of e-money transactions and link the e-money instruments issued to common e-money holders. This has to be communicated to the client who will acknowledge the same in writing.

2. BSP requires EMIs to maintain a redress mechanism that would allow customers to file a complaint.

3. EMIs should have a minimum risk management systems and controls before they operate.

"The road of digitization is definitely here and we have nothing to fear, especially when it comes to payment because we are here to support you and make it simple enough for you to have access in situation," De Guzman assured entrepreneurs and consumers alike. (TNN/PIA-IDPD)

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