Dispensing pump comprising: a housing extending along a longitudinal axis and configured to be inserted in a bottle, wherein the housing defines a dosing chamber and comprises a venting hole, a retaining ring fastened to the housing and inserted therein, a hollow stem associated to a piston and inserted in a hole of the retaining ring leaving a passage, the hollow stem and the piston being movable between a lowered position and a raised position corresponding to different volumes of the dosing chamber, a venting path through which, during the pump actuation, a volume of air enters the bottle through the venting hole to replace the liquid pumped out from the bottle by the dispensing pump, wherein the venting path comprises at least the passage between the hollow stem and the retaining ring and the venting hole, a venting valve interposed between the hollow stem and the retaining ring, along the venting path, the venting valve being configured to allow only the flow from the external ambient to the bottle, so permitting the air return into the bottle, and to avoid leakage of the liquid, characterised in that, the venting valve surrounds the hollow stem which slides inside the venting valve and wherein the venting valve can be displaced between a top/closing position and a bottom/opening position following the stroke of the hollow stem whereby when the hollow stem moves towards its raised position, the venting valve is displaced to its top/closing position and when the hollow stem moves downwardly towards its lowered position, the venting valve is displaced in its bottom/opening position, the venting valve comprising a sleeve surrounding the hollow stem and the sleeve comprising a sealing ring arranged with interference on an inner interface with the hollow stem whereby the venting valve is dragged by the hollow stem during its stroke between the raised and lowered position. a housing extending along a longitudinal axis and configured to be inserted in a bottle, wherein the housing defines a dosing chamber and comprises a venting hole, a retaining ring fastened to the housing and inserted therein, a hollow stem associated to a piston and inserted in a hole of the retaining ring leaving a passage, the hollow stem and the piston being movable between a lowered position and a raised position corresponding to different volumes of the dosing chamber, a venting path through which, during the pump actuation, a volume of air enters the bottle through the venting hole to replace the liquid pumped out from the bottle by the dispensing pump, wherein the venting path comprises at least the passage between the hollow stem and the retaining ring and the venting hole, a venting valve interposed between the hollow stem and the retaining ring, along the venting path, the venting valve being configured to allow only the flow from the external ambient to the bottle, so permitting the air return into the bottle, and to avoid leakage of the liquid, characterised in that, the venting valve surrounds the hollow stem which slides inside the venting valve and wherein the venting valve can be displaced between a top/closing position and a bottom/opening position following the stroke of the hollow stem whereby when the hollow stem moves towards its raised position, the venting valve is displaced to its top/closing position and when the hollow stem moves downwardly towards its lowered position, the venting valve is displaced in its bottom/opening position, the venting valve comprising a sleeve surrounding the hollow stem and the sleeve comprising a sealing ring arranged with interference on an inner interface with the hollow stem whereby the venting valve is dragged by the hollow stem during its stroke between the raised and lowered position.