Millions of Filipinos without bank accounts, credit cards or formal borrowing records could gain access to loans using their digital financial transactions under a bill pending in the House of Representatives.
House Bill No. 9149, or the proposed Open Finance and Consumer Data Empowerment Act of 2025, would give consumers the right to authorize accredited financial institutions to access up to 24 months of their financial and transactional data for credit evaluation.
The measure would allow lenders to consider alternative data-including e-wallet transactions, utility bill payments, subscription records and rewards card activity-in assessing a borrower’s creditworthiness, even without a traditional banking relationship.
‘The digital economy has outpaced our regulatory infrastructure. Filipinos are generating rich financial data every day through their phones, their e-wallets, and their utility payments. We aim to leverage that data to democratize access to financial tools and services that have long been unavailable for millions,’ Tingog Party-list Rep. Jude Acidre, a co-author of the bill, said.
The proposal comes as digital payments accounted for 57.4 percent of all retail payment transactions in the Philippines in 2024, with an estimated 58 million Filipinos using e-wallets. Despite the rapid shift to digital payments, many Filipinos remain outside the formal financial system.
Todd Schweitzer, a trustee of the Fintech Alliance Philippines, said the measure would both expand financial inclusion and create new opportunities for financial service providers.
‘Filipinos are digital natives 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.
The bill proposes the creation of a Consumer Data Commission (CDC) under the Office of the President to oversee the implementation of the law.
The commission would have jurisdiction over banks, financial institutions, telecommunications companies, utilities and other entities that collect and maintain consumer data.
It would be chaired by a commissioner of the Securities and Exchange Commission and co-chaired by at least a deputy governor of the Bangko Sentral ng Pilipinas. Representatives from the National Privacy Commission, National Telecommunications Commission and Philippine Competition Commission, along with four private-sector experts, would also serve on the body.
Among its functions would be setting technical and security standards for data sharing, accrediting entities authorized to receive consumer data, conducting compliance audits, enforcing sanctions against violators, submitting annual reports to Congress and reviewing the law every two years.