Gatchalian reiterates call for quick passage of bill vs financial fraudsters

SENATOR SHERWIN T. Gatchalian again called for the speedy passage of a bill that will protect consumers amid prevalence of financial fraudsters.

Senate Bill (SB) No. 2287 or the Financial Products and Services Consumer Protection Act was filed by Mr. Gatchalian, vice-chair of the Committee on Banks, Financial Institutions and Currencies, in June. It is pending at the committee level.

“We need to strengthen the powers of government and clear up the lines on who will protect financial consumers and what are the mechanisms for financial consumers to tap into in case of fraud,” said Mr. Gatchalian in a statement on Sunday.

The proposed measure aims to institutionalize proper mechanisms to protect consumers alongside the growth of financial products and services in the country.

The bill seeks to expand the powers of the Bangko Sentral ng Pilipinas and other financial regulators such as the Securities and Exchange Commission, Insurance Commission, and the Cooperative Development Authority to cover crimes related to digital transactions.

“We need to stay ahead because hackers and fraudsters also evolve and they know how or where people are lax when it comes to protecting their identity and personal information,” said Mr. Gatchalian, also vice chair of the Committee on Economic Affairs. — Alyssa Nicole O. Tan

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