Data Privacy Acts is beneficial for businesses
BPO Sector Welcomes the enactment of Data Privacy Act
The Data Privacy Act which was recently signed by President Benigno Aquino III will certainly have a positive impact on BPO industry in the country as this will protect all information received from offshore sources.
This law will create a positive impact on foreign investors as far as investing in the Philippines is concerned. According to the Business Process Association of the Philippines, the law will certainly gain the confidence of foreign investors since the it brings the Philippines to international standards of privacy protection. The law is based on standards set by the European Parliament, and is aligned with the Asia Pacific Economic Cooperation [Apec] Information Privacy Framework.
This law is another step of the government to ensure that data protection in the country will meet international standards to assure investors that their data as well as their clients’ data as the case may be, would be protected in a manner that is within the industry standards being observed by most economies.
Basically, the law requires protection and preservation of personal data collected by public agencies and private organizations. The enactment of this law is a clear indication of the government’s move to enable the Philippines to become one of the best jurisdiction for investments, not only in terms of tax and fiscal incentives but also in terms of laws that are essential to day to day operations of multinational companies, such as the data privacy act. Although most multi-national companies, especially the BPO companies are already spending considerable amount of money to have an efficient information security, a law that protects information will certainly put the investors at ease in investing and maintaining their investments in the Philippines.
For full details of the article, the links are as as follows:
Data Privacy Act to Strengthen Local BPO Sector
Thanks to conciselawnews.co.uk
