Senator Mark Villar on Tuesday said the proposed Internet Transactions Act (ITA) is now up for President Ferdinand Marcos Jr.’s approval after the House of Representatives adopted the Senate’s version of the ITA.
Villar made the statement during the Senate Finance Committee hearing on the Department of Trade and Industry’s budget for fiscal year 2024.
“The House of Representatives adopted in toto the Senate’s version of the Internet Transactions Act,” Villar said.
According to the House of Representatives’ website, Senate Bill 1846 was adopted by the lower chamber on September 27. SB 1846 was approved on third and final reading in the Senate last September 25.
Under the bill, digital platforms or e-marketplaces will be subsidiarily liable with the online merchant or retailer if it fails to perform its responsibilities, which can cause damage to the consumer.
The proposed ITA also establishes a code of conduct for all businesses involved in online businesses (or e-commerce) to safeguard and advance consumer interests.
Villar said the ITA, once enacted into law, can prevent online scams and assure the safety of both consumers and merchants engaged in e-commerce.
It can be recalled that in his first State of the Nation Address, President Marcos asked Congress to approve the E-Commerce Law.
In his speech, Mr. Marcos said this will “establish an effective regulation of commercial activities through the internet or electronic means to ensure that consumer rights and data privacy are protected, innovation is encouraged, fair advertising practices and competition are promoted, online transactions are secured, intellectual property rights are protected, and product standards and safety are observed.”