Philippines: Adopted Financial Products and Services Consumer Protection Bill

On 2 February 2022, the Financial Products and Services Consumer Protection Bill was adopted by the House of Representatives of the Philippines. The Act would regulate the offering of financial products and services within the Philippines. Specifically, it would mandate the Central Bank (BSP), the Insurance Commission (IC) and the Philippine Securities and Exchange Commission (SEC) as the financial regulators responsible for enforcing the Act and defining the duties and responsibilities of financial services providers in order to protect consumers. These include the obligation to treat consumers fairly and equitably, ensuring that all individuals have access to financial products without discrimination. They would further need to disclose relevant information about the products offered in order for consumers to make informed decisions. Additionally, financial service providers would be responsible for protecting consumer assets from fraud and misuse, safeguarding personal and financial data, and establishing efficient complaint handling mechanisms to address consumer issues promptly.