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Published July 19, 2021, 2:46 PM Some 16 local and foreign business groups have strongly urged for the immediate enactment of the proposed Financial Consumer Protection (FCP) Act, which seeks to protect consumers amidst the growing complexity in financial services, especially digital services. In a statement the business group said that the intricate development of financial products and services resulting from advancements in technology has opened countless opportunities for financial markets and consumers alike. It also poses new risks, particularly to financial consumers. “Reality has shown how financial products, including financial services accessed through digital channels, are susceptible to fraud or used for fraudulent purposes,” according to a statement.

United statesAssociation executivesCommerce of the philippines incPhilippine women economic networkNordic chamberShareholder association of the philippinesInvestment house association of the philippinesCebu leads foundationAmerican chamberNational real estate association incProfessionals incCebu business clubFinancial executives institute of the philippinesAlliance ph guildManagement association of the philippinesPhilippine life insurance association