Law on cybercrime to fuel investor confidence in PHL — BPAP

Global investors are likely to look at the Philippines with confidence and boost the country’s leadership in business process outsourcing, now that the Cybercrime Prevention Act of 2012 is in place, the Business Processing Association of the Philippines (BPAP) said Tuesday.   “The Cybercrime Prevention Act will help sustain and enhance investor confidence and strengthen our position as one of the world’s top locations for high-value IT-BPO services,” BPAP president Benedict Hernandez said in an emailed statement Tuesday.   Because IT-BPO firms rely a lot on the Internet and computer technology as principal channels of their communication processes, the industry will benefit from provisions covering system and data protection, device security, and penalties for computer-related offenses, Hernandez noted.   The BPAP official said the industry expects $13 billion in revenues this year, up by about 20 percent from $11 billion last year.   President Benigno S. Aquino III signed into law Republic Act No.10175 or the Cybercrime Prevention Act of 2012 last week.   The law punishes cybercriminals involved in hacking, child pornography, online libel, cybersquatting and identity theft, among others.    Last month, the President also signed into law another information technology-related legislation – the Data Privacy Act – which protects and preserves personal data collected by public and private entities.    “These recent developments significantly enhance our operating environment and contribute to the overall potential of the Philippine IT-BPO industry going forward,” Hernandez said.   “This new law validates the strong partnership we continue to build with the public sector, as well as government’s recognition of the industry’s significant contribution to our economy and employment,” he added. — Rouchelle Dinglasan/VS, GMA News