e-commerce Philippines

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What is the current situation of e-commerce in the Philippines? From my point of view, e-commerce in the Philippines is very slow moving. I also believe that the main problem is not having enough companies(locally) who wants to take the risk on developing an online payment gateway like Paypal.Yup, there is Equitable Card Network who can give the service but they like need their clients to pay 25 000 peso for the start up and 500 000 peso deposited on their bank account for the possible chargebacks even if they will still get some rolling reserves from their clients sales!This is too expensive for small-medium business owners.