Mr. President,
The restrained mobility of individuals due to the COVID-19 pandemic has altered financial consumers’ behavior toward digital transactions and has led to a drastic uptake in the adoption of digital financial services. While digital access to financial services may be transformational, its benefits marred by risks which could dampen financial consumers’ confidence towards digital transactions, traditional banking, and the financial system in general.
This bill will safeguard the Filipino people ‘s trust in online digital finance and digital transactions by providing sanctions against online scammers. Under this measure banks, non-banks, other financial institutions, payment, and financial service providers under the jurisdiction of the Bangko Sentral ng Pilipinas are mandated to ensure that access to their clients’ financial accounts are protected by adequate risk management systems and controls, which include multi-factor authentication, fraud management systems, and other account-holder enrollment and verification processes. If these institutions fail to comply with these requirements, they shall be liable for any loss or damage incurred by any person arising from the punishable acts in this measure.
Ginoong pangulo, my dear colleagues, with the ever-increasing cost of living, it is imperative that we ensure that every peso earned by the Filipino people will be protected from those who seek to take advantage of individuals, especially the vulnerable, and formerly lacking access to financial services. We must ensure that everyone enjoys the benefits of being financially included.
Maraming salamat po.