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Internet & IT
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2000-06-19 00:40:00-04
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Philippines embarks on E-Commerce Strategy
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Estrada to lead Philippine delegation to US in July citing Filipinos have many advantages over other Asian, new e-commerce law in place
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Leaving the recent memory of the 'Love Bug' scandal behind them, the Philippine government is developing a master plan to attract US investment in the IT field in the country. Estrada is scheduled to lead a Philippine delegation to the United States in the third week in July. On June 14, Estrada signed into law the Electronic Commerce Act of 2000, which provides security and incentives to firms heavily dependent on the Internet and establish a legal and regulatory framework to facilitate the conduct of e-business in the Philippines. Undersecretary Raul Hernandez of the Department of Trade and Industry said that the Filipinos have an advantage over their counterparts in other Asian countries in terms of knowledge and skills needed for IT-based industries. He noted that this had prompted many IT firms to set up their regional headquarters in the Philippines. Estrada expressed confidence that the Filipino people will gain countless benefits from the e-commerce law which, he said. Also penalizes hacking and other cyber crimes. He said the electronic commerce market is expected to be worth trillions of dollars in a few years, with the Internet having 300 million customers and would grow to $7 trillion worldwide in the next few years. The Asia-Pacific region is estimated to account for 14% of this market, which will grow at the rate of 150% through 2004. Four Asian countries have enacted e-commerce laws: Malaysia, Singapore, Korea and the Philippines.
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