MANILA – Senate Deputy Minority Leader Risa Hontiveros filed a resolution seeking to investigate recent unauthorized transactions and scams involving mobile financial services.
Senate Resolution No. 1234, which Hontiveros filed on Wednesday, seeks to review existing regulations governing the financial technology (fintech) sector and ensure stability, transparency and public trust.
“Mobile financial services have become a part of daily life for millions of Filipinos, and the fintech sector has been an important driver of economic growth and financial inclusion. GCash alone has an estimated 76 million users who posted PHP6 trillion worth of transactions in 2022 – that is almost equal to our national budget next year,” Hontiveros said.
She cited incidents such as unauthorized GCash transfers and phishing attacks targeting fintech users.
Hontiveros emphasized the need for upgraded policies to hold mobile financial service providers accountable and protect users’ earnings.
“Napakarami ang nakikinabang sa mobile financial services, lalo na yung mga ‘unbanked’ o walang kakayahan na magbukas ng account sa bangko. Kailangan natin ng batas na poprotekta sa kapakanan ng bawat Pilipino na gumagamit ng digital wallets, lalo na kung may scam, hacking o ibang iregularidad (There are a lot of people who benefit from mobile financial services, especially those who are ‘unbanked’ or who do not have the ability to open a bank account. We need a law that will protect the welfare of every Filipino who uses digital wallets, especially if there is a scam, hacking or other irregularity),” she added.
Hontiveros said the Senate must review existing rules and regulations governing the fintech sector since there is “no legislative framework yet in place to ensure stability and transparency, build public trust, and promote inclusion vis-à-vis this class of services.”
Hontiveros stressed the need for a system that enhances regulatory oversight over the fintech sector, “so Filipinos can trust that their hard-earned money is safe – even online.” (PNA)