Bangko Sentral ng Pilipinas (BSP) and the Department of Finance (DOF) officials will meet Chinese billionaire Jack Ma next year on how to refine e-commerce regulation.
Finance Secretary Carlos Dominguez III said on Thursday: “We are planning to visit him. He invited us to have further discussions in China. We will visit him probably in January with central bank. We’ll review the regulatory environment here so that we don’t have regulations that choke the growth of e-commerce.”
“We must look at our (financial) regulations and ensure that it will not stymie the growth of our MSMEs (micro, small and medium enterprises,) ” he added.
In Jack Ma’s October visit to the Philippines, he met with the Finance secretary in Malacañang and discussed ways on how to empower MSMEs through affordable e-commerce innovations; innovations which were pioneered by Ma on his internet-based selling platform Alibaba.
Ma said earlier that he wants to help develop the digital market in the Philippines, spur a cashless society, and connect the country’s e-commerce markets to other markets in other countries across the globe. He wants to assist developing countries like the Philippines in building their digital technologies so that even small enterprises can benefit from globalization.
“The Philippines has the best service and has the heart to become key players in the industry,” Ma said. He also told Dominguez that he intends to invest in the Philippines in the next five years.
Dominguez said, “Ma told us about the power of e-commerce. Today’s millennials are more comfortable doing digital transactions rather than physical transactions. He said that this is the way to the future.”