Live Breaking News & Updates on 022 And Adopted By The House Of Representatives As An Amendment To Bill No 6768 On Feb 2

MANILA - Financial consumers will now have more protection against cybercrime under a new law signed by President Rodrigo R. Duterte. Republic Act (RA) No. 11765 or the "Financial Products and Services Consumer Protection Act", signed by Duterte on May 6, recognizes that the state must implement measures to protect consumers rights' such as right to equitable and fair treatment; right to disclosure and transparency of financial products and services; right to protection of consumer assets against fraud and misuse; right to data privacy and protection; and right to timely handling and redress of complaints. "It is the policy of the state to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair, and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices," the law read. ....

Bangko Sentral , Rodrigor Duterte , Exchange Commission , Services Consumer Protection , Insurance Commission , Development Authority , Senate As Bill No , President Rodrigo , Senate Bill , House Bill , Cooperative Development Authority , Manila Financial Consumers Will Now Have More Protection Against Cybercrime Undera New Law Signed By President Rodrigor Duterte Republic Act Ra No 11765 Or The Quot Products And Services Consumer , Igned By Duterte On May 6 , Ecognizes That The State Must Implement Measures To Protect Consumers Rights 39 Such As Right Equitable And Fair Treatment Disclosure Transparency Of Financial Products Services Protection Consumer Assets Against Fraud Misuse Data Privacy Timely Handling Redress Complaints Quot It Is Policy Ensure Appropriate Mechanisms Are In Place Interest Under Conditions , Nd Sound Market Conduct , Bend Fair , Nd Effective Handling Of Financial Consumer Disputes , Hich Are Aligned With Global Best Practices , Uot The Law Read These Mechanisms Reinforce Their Confidence In Financial Market And Foster Stability Of Philippine System Ra 11765 Gives Regulators Authority To Formulate Own Standards Rules Business Conduct For Entities Quot May Also Determine Reasonableness Interest , Harges Or Fees Whicha Financial Service Provider May Demand , R Receive For Any Service Or Product Offered Toa Financial Consumer Likewise , Hey May Issue Their Respective Rules Of Procedure Concerning Administrative Actions Arising From The Implementation This Act , Uot The New Law Read Also Gives Financial Regulators Authority To Impose Enforcement Actions On Their Respective Supervised Service Providers For Noncompliance With This Act And Other Existing Laws Pertinent Jurisdiction Of They Will Have Adjudicate Reimbursement Lost Funds Withina Certain Threshold Ra 11765 States That Must Prepare Necessary Rules Regulations Implement Provisions Within One Year From Its Effectivity It Was Passed By Senate As Bill No 2488 Feb 2 , 022 And Adopted By The House Of Representatives As An Amendment To Bill No 6768 On Feb 2 , 022 Financial Consumers Refer To Persons Or Entities , R Their Duly Appointed Representatives ,