Anti-cybercrime law to promote IT-BPO growth
MANILA, Philippines - The new anti-cybercrime law will strengthen the Philippines' position as a top location for IT-BPO services, the Business Processing Association of the Philippines (BPAP) said.
Republic Act No. 10175 or the Cybercrime Prevention Act of 2012 was signed into law by President Benigno S. Aquino III last week.
Benedict Hernandez, BPAP president and CEO, said the new law adds another layer of protection against theft and fraud for the industry.
"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," he said.
Hernandez said the IT-BPO industry is expected to post 20% growth in revenues to more than $13 billion this year. Last year, the industry generated $11 billion in revenues and employed approximately 640,000. The Cybercrime Prevention Act provides the resources and legal framework to identify, prevent, and impose punishment for Internet-based crimes and safeguard users' online information from unauthorized data collectors.
Since IT-BPO companies use the Internet and computer technology, the industry benefits from the law's provisions on system and data protection, device security, and penalties for computer-related offenses.
"The anti-cybercrime law will aid the industry in sustaining growth and global leadership. This new law validates the strong partnership we continue to build with the public sector, as well as the government’s recognition of the industry’s significant contribution to our economy and employment," he said.
The IT-BPO industry is seen to become a $25-billion industry by 2016 and to employ 1.3 million Filipinos.