Bill Seeks to Use Digital Transactions for Credit Scoring in Philippines

MANILA, Philippines — Lawmakers have filed a bill that would allow Filipinos to use their digital transaction histories to prove creditworthiness when applying for loans and other financial products. House Bill No. 9149, or the Open Finance and Consumer Data Empowerment Act of 2025, would let lenders use alternative data alongside traditional credit information. Consumers may allow access to up to 24 months of data, helping those with little or no credit history. READ: BSP addresses needs of unbanked with ‘open finance’ system “Filipinos are generating rich financial data every day through their phones, their e-wallets, and their utility payments,” said Tingog Party-list Rep. Jude Acidre, a co-author. “We aim to leverage that data to democratize access to financial tools and services that have long been unavailable for millions.” The bill also creates a Consumer Data Commission under the Office of the President to oversee implementation. A Securities and Exchange Commission commissioner would chair the body, with a Bangko Sentral deputy governor as co-chair, alongside representatives from the National Privacy Commission, National Telecommunications Commission and Philippine Competition Commission, as well as four private-sector experts. The body would set standards, accredit data recipients, audit compliance and enforce sanctions across banks, telecoms, utilities and other data holders. Meanwhile, Fintech Alliance Philippines trustee Todd Schweitzer said the bill could help close financial gaps and expand credit access. “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,” Schweitzer said. READ: Filipino financial account ownership slips In 2024, digital payments accounted for 57.4 percent of retail transactions, with about 58 million Filipinos using e-wallets, which Schweitzer said can “put that data to work” using “rich data beyond banking” to prove creditworthiness. “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. /pai INQ