Philippines Eyes Consumer Data Commission Under Open Finance Bill

MANILA, Philippines — A consumer data commission, to be chaired by a commissioner from the Securities and Exchange Commission (SEC), is eyed under a proposed measure seeking the mandatory use of alternative data to democratize finance. House Bill 9149, or the Open Finance and Consumer Data Empow erment Act of 2025, proposes to bridge the gap between how Filipinos actually participate in the digital economy and how formal financial institutions assess their creditworthiness. Once passed, the proposed law will allow consumers the legal right to authorize the transfer of their financial and transactional data, including alternative data sources such as bill payments, subscription activity and rewards card usage, among others, covering up to 24 months, to accredited lenders and financial service providers for credit evaluation purposes. The transaction history would provide accredited lenders with a basis for credit assessment, allowing them to use alternative data to get a full picture of a person’s creditworthiness. This will be beneficial for borrowers who have no bank loans, credit cards, or deposit relationships to their name. The bill likewise seeks to create the consumer data commission under the Office of the President to oversee the law’s implementation. The commission will be chaired by an SEC commissioner and co-led by at least a deputy governor of the Bangko Sentral ng Pilipinas, with members drawn from the National Privacy Commission, National Telecommunications Commission and Philippine Competition Commission, alongside four private-sector representatives with expertise in banking, data protection, or financial technology. The commission’s mandate will cover setting technical and security standards for data transfers, accrediting entities authorized to receive consumer data, conducting compliance audits and enforcing sanctions against violators. It will also submit an annual report to Congress on the state of consumer data rights and open finance implementation, and conduct a comprehensive review of the law every two years. Todd Schweitzer, a board member of the Fintech Alliance Philippines, has expressed support for the passage of the bill, saying that open finance will help expand financial inclusion while improving existing financial services. “Open Finance legislation matters because it accomplishes two things at once: it directly expands financial access for consumers, and it opens new markets for industry to competitively serve customers the system has ignored,” he said. Schweitzer said the Philippines remains underbanked and underserved relative to its regional peers. “Filipinos are digital natives, though, and have rich data sources beyond banking data to demonstrate their creditworthiness. What’s been missing is the legal right to put that data to work, and the mandate for data-holding institutions to provide that data upon the consumer’s request,” Schweitzer said. “This bill arrives at the right moment: the digital rails and data privacy standards are in place, demand is clear and this bill would establish a pioneering framework to unlock a more consumer-centric financial services industry,” he added.