Vigilance while doing digital financial transactions pushed

Filipino exporters are called to use digital tools to sell their products and gain a competitive edge but reminded to be vigilant while doing digital financial transactions.

“I think e-commerce is really the way to go. We would like to encourage all the exporters to reinvent itself and take advantage (of this). It’s a really perfect digitalization boost, that is what we need,” said Department of Trade and Industry (DTI) e-Commerce Lead Assistant Secretary Jean Pacheco.

She said e-commerce is deemed the “greatest equalizer” that even small companies can become competitive as brick-and-mortar businesses move online especially during the pandemic.

Pacheco said the DTI is working closely with other government agencies and the private sector involved in the supply chain.

“For us, it can be summarized into market access, digitalization, and logistics and integration… Digitalization of MSMEs (micro, small and medium enterprises) so they will be skilled and upskilled. All of these we are working on. Your government is working to improve market access –ecommerce can do that now and then of course logistics integration, meaning to say we would like to reduce the cost of logistics and improve its efficiency,” she added.

Pacheco said they are also working with startups to promote innovation and investments in the e-commerce sector as well as improving infrastructure, as the country implements the E-Commerce Philippine Roadmap.

She said digitization of human capital or talent is also imperative to ensure that human resources are future-ready and are able to support the country’s thriving internet economy.

“Whether speed, structure and security, it should redound to sale because at the end of the day, we want you to prosper and your businesses to grow,” she added.

Bangko Sentral ng Pilipinas (BSP) Director Melchor Plabasan said going digital is no longer just a matter of convenience, but a necessity for everyone.

He cited digital offerings of financial institutions, available domestic interbank funds transfer facilities, and cross border payment facility of the bank.

On cybersecurity, Plabasan said the BSP and its supervised financial institutions have a dynamic policy framework that prescribes the security standards supported by onsite examination and off-site surveillance, and even assistance mechanisms for consumers should they encounter any problem with their institutions.

“Embrace or go digital but be (also) vigilant, be responsible, practice proper cyber hygiene, know how to protect your account. Let us all work together towards achieving a safe, secure and vibrant digital economy for the Philippines,” he said.

“It’s always striking the right balance between safety, security, regulation, and innovation as well, and convenience,” he added.

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