A bill filed at the House of Representatives seeks to establish the country’s first comprehensive legal framework for consumer-directed financial data sharing, a move lawmakers said could expand access to formal credit while strengthening safeguards for privacy and responsible data use.
House Bill No. 9149, or the proposed “Open Finance and Consumer Data Empowerment Act of 2025,” was principally authored by Ferdinand Martin Romualdez and Tingog party-list Reps. Yedda Marie Romualdez, Andrew Julian Romualdez, and Jude Acidre.
The proposed measure comes as the Philippines’ digital financial ecosystem continues to expand, with millions of Filipinos now relying on e-wallets, digital banks, and online payment platforms for everyday transactions.
Lawmakers cited data showing that digital payments accounted for 57.4 percent of all retail payment transactions in the country in 2024, while around 58 million Filipinos actively use e-wallets.
Despite the rapid growth of digital finance, the bill’s authors noted that many Filipinos still struggle to access formal loans or favorable credit terms because traditional lending systems continue to rely heavily on conventional financial records such as bank loans, credit cards, and deposit histories.
The proposed legislation seeks to address that gap by allowing consumers to securely authorize the sharing of their financial and transactional data with accredited institutions for credit evaluation, loan applications, and other financial services.
According to the lawmakers, freelancers, gig workers, online sellers, small business owners, and workers in the informal economy are among those who could benefit from broader recognition of digital financial activity.
“Many Filipinos are already participating in the digital economy every day. They pay bills through e-wallets, sell products online, take freelance work, and manage small businesses through digital platforms,” Yedda Marie Romualdez said.
“But despite this, many still struggle to access formal financing because our existing systems fail to recognize these forms of financial activity,” she added.
Under the measure, consumers would also be granted rights to informed consent, data portability, access, and deletion of personal financial information.
The bill imposes penalties for unauthorized disclosure or misuse of consumer data and for the refusal to transmit information despite a valid request from the account holder.
It also seeks to establish a Consumer Data Commission tasked with overseeing accreditation systems, compliance monitoring, technical standards, and enforcement mechanisms related to financial data sharing and protection.
Andrew Julian Romualdez said the proposal aims to give Filipinos greater control over their own financial information while helping underserved sectors gain better access to the formal financial system.
“This bill seeks to correct that imbalance by allowing consumers, through clear and informed consent, to make their financial data work for them,” he said.
Acidre, meanwhile, said the measure is intended to modernize the country’s financial system while ensuring stronger accountability and consumer protection alongside innovation.