A BILL pending in the House of Representatives seeks to establish a legal framework for consumer-directed financial data sharing that would allow Filipinos to use alternative financial data when applying for credit.
House Bill No. 9149, or the Open Finance and Consumer Data Empowerment Act of 2025, would give consumers the legal right to authorize the transfer of their financial and transactional data to accredited lenders and financial service providers for credit evaluation. The measure would allow the use of up to 24 months of alternative data, including bill payment records, subscription activity and rewards card usage.
Supporters of the bill said the measure aims to bridge the gap between how Filipinos participate in the digital economy and how financial institutions assess creditworthiness, particularly for people without bank loans, credit cards or deposit accounts.
"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 proposed measure would require institutions that hold consumer financial data to provide that information, upon a consumer's authorization, to accredited entities for credit assessment.
Todd Schweitzer, a member of the board of trustees of the Fintech Alliance Philippines, said the proposed legislation could expand financial inclusion while encouraging competition in financial services.
"Open Finance legislation matters because it accomplishes two things at once: it directly expands financial access for consumers, and it opens new markets for industry to competitively serve customers the system has ignored."
The bill also proposes creating a Consumer Data Commission under the Office of the President to oversee implementation. The commission would set technical and security standards for data transfers, accredit entities authorized to receive consumer data, conduct compliance audits and enforce sanctions against violators. It would also submit an annual report to Congress and conduct a comprehensive review of the law every two years.
