The Monetary Authority (AMCM) is to propose as soon as possible changes to the law on banking in order to clarify the rights and duties of payments through third parties, the Secretary for Economy and Finance, Lionel Leong Vai Tac, said yesterday in the Legislative Assembly (AL). One of the goals of the changes to be introduced is to usher in the further development of electronic commerce in Macau. “E-commerce has become very effective in developing business opportunities. We have been in contact with AMCM to produce the law to serve as the basis for the development of e-commerce technologies in the territory. We need to strengthen our work in this respect”, Mr. Leong said. Underdevelopment During the AL session yesterday the Secretary for Economy and Finance addressed the question of the underdevelopment of the e-commerce sector in Macau, which was raised by Legislative Assembly member Angela Leong On Kei. The legislator stressed that at this moment only 28 per cent of the companies in the territory use electronic commerce. “Our departments have to make sure that the online clients and sellers have their rights protected by the law when they are making online transactions. This is what we need to do to promote electronic commerce and we hope to do it as soon as possible”, Mr. Leong responded. He also revealed that authorities are in negations with the neighbouring Mainland province of Guangdong to sign a co-operation protocol regarding e-commerce. Budget execution reports The government is currently working on a budget framework law and yesterday Lionel Leong revealed that the new document will oblige the government to present reports on budget execution to the AL every six months. “The new law defines that the government will have to send within a month a report to the Legislative Assembly on budget execution after 31 July. Then after the end of the calendar year, the government will have to present another report concerning the budget execution for the whole year”, the Secretary for Economy and Finance said. The revelation was made during a reply to legislator Antonio Ng Kuok Cheong, who raised questions with the Secretary about the over-budget spending and delays on some of the biggest public works in Macau, such as the Light Rail Transit (LRT) and Ferry Terminal in Taipa. Lionel Leong also informed the Assembly that besides the reports on budget execution, the government will report every quarter on the Public Investment Plan (PIDDA). “After every quarter the government will have to report on PIDDA costs to the Legislative Assembly. The purpose of this measure is to bring more transparency, so the Legislative Assembly can follow closer the works and costs associated with the plan”, he explained.
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