President Rodrigo Duterte has signed a bill into law that would give consumers better protection against financial fraud when purchasing items and services.
Duterte signed Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act, on May 6, and reporters received a copy on Tuesday.
“It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices,” the measure stated.
The government shall implement measures to protect the following rights of financial purchaser:
- right to equitable and fair treatment
- right to disclosure and transparency of financial products and services
- right to protection of consumer assets against fraud and misuse
- right to data privacy and protection
- right to timely handling and redress of complaints
Under the new law, financial regulators shall have the following powers:
- rulemaking
- market conduct surveillance and examination
- market monitoring
- enforcement
- consumer redress or complaints handling mechanism
- adjudication
Senator Grace Poe, the chairwoman of the Senate committee on banks, financial institutions, and currencies, expects financial service providers to play a role.