Philippines: Implemented Financial Products and Services Consumer Protection Act (Republic Act No. 11765)

On 23 May 2023, fifteen days after its publication in the Official Gazette, the Financial Products and Services Consumer Protection Act (Republic Act No. 11765) was implemented and came into effect. The Act regulates the offering of financial products and services within the Philippines. Specifically, it mandates the Bangko Sentral ng Pilipinas (BSP), the Insurance Commission (IC) and the Philippine Securities and Exchange Commission (SEC) as the financial regulators responsible for enforcing the Act and defines 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 further need to disclose relevant information about the products offered in order for consumers to make informed decisions. Additionally, financial service providers are 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.