A bill pushing for open finance in the Philippines proposes the creation of a consumer data commission to be chaired by a commissioner from the Securities and Exchange Commission, according to Philstar Biz.
The measure seeks to mandate the use of alternative data, such as utility payments and remittance records, to assess creditworthiness, aiming to democratize access to financial services for the unbanked and underbanked.
The proposed commission would oversee data sharing standards, privacy protections, and consumer rights, with the bill currently pending legislative deliberation.