Outgoing Philippine President Rodrigo Duterte has greenlighted a law whose aim is to protect financial consumers from cybercrime.
Dubbed the Republic Act (RA) no. 11765 or “Financial Products and Services Consumer Protection Act,” signed by Pres. Duterte on May 6, 2022, mandates the state to safeguard consumers’ rights.
Particularly, on their right to disclosure and transparency of financial products or services; equitable and fair treatment; protection of consumer assets against fraud and misuse; timely management and remedy of complaints; as well as data privacy and protection.
Related
- BSP is creating a ‘Central Bank Digital Currency (CBDC)’ in the Philippines
- SSS unauthorized loan story prompts improvements in online portal security
- How to generate BPI QR code for easy money transfers
The purpose of the law is to bolster the trust in the financial market and cultivate a stable financial system for the country.
Additionally, the law empowers financial regulators in imposing enforcement actions on their respective jurisdictions against non-compliance, including other existing laws.
Lastly, it also gives financial regulators the power to settle refunds of lost funds to a certain extent.