According to a commentary by Philstar Biz, the Philippines must prioritize the passage of the Open Finance bill to catch up with global financial innovation. The proposed legislation would establish a framework for secure data sharing among financial institutions, fintech companies, and other service providers, enabling consumers to access a wider range of products and services tailored to their needs.
The commentary argues that delays in implementing open finance leave the country at a competitive disadvantage, as other economies have already adopted similar standards. Without a legal backbone, Philippine consumers and small businesses miss out on benefits such as easier credit access, better savings options, and lower transaction costs. The bill is seen as a critical tool to promote financial inclusion, particularly for the unbanked and underbanked populations.
Industry stakeholders have expressed support for the measure, noting that it balances innovation with consumer protection. The Bangko Sentral ng Pilipinas has previously endorsed open finance principles, and the bill is expected to build on existing pilot projects. The commentary urges lawmakers to act swiftly, warning that further delays could widen the digital divide and stifle the growth of the country's financial technology sector.