QUEZON CITY — A new bill filed in the House of Representatives seeks to modernize the Philippine financial system by introducing open banking and open finance frameworks, aiming to bring millions of unbanked Filipinos into the formal economy.
House Bill No. 6669, known as the Open Banking and Open Financing Consumer Data Empowerment Act of 2025, was authored by Cong. Nathaniel “Atty. Nat” M. Oducado of the 1Tahanan Party-List. The legislation proposes to amend the Consumer Act to establish a National Open Banking and Open Finance Framework.
The bill would allow consumers to securely share their financial data—with informed consent—across accredited banks, fintech firms, cooperatives, and other regulated providers. This data portability is designed to foster competition, spur innovation, and ultimately lower costs for financial products.
“This bill puts the consumer at the center of the financial system,” Cong. Oducado stated. “A framework which gives Filipinos ownership of their data would enable them to access better, more affordable, and more inclusive financial products.”
The lawmaker cited Bangko Sentral ng Pilipinas data showing that 44% of Filipino adults remain unbanked, despite growth in digital payments. Barriers include distance from bank branches, burdensome documentary requirements, and the cost of maintaining accounts.
The measure is expected to particularly benefit micro-entrepreneurs, low-income households, and geographically isolated communities by improving their access to credit, savings, and insurance products.
“Enabling responsible data portability will allow financial institutions to develop alternative credit-scoring models, particularly benefiting individuals without formal banking histories,” Oducado explained.
The bill also aims to strengthen consumer data protection standards and would empower the Consumer Data Empowerment Commission (CDEC) to set rules, accredit data recipients, and enforce compliance. Oducado stressed that the legislation complements existing data privacy laws and aligns with the government’s financial inclusion and digital transformation agendas.
The bill draws from successful open banking and finance models in Australia, the European Union, and the United Kingdom, where similar regimes have increased consumer choice and market innovation.
“This is not about disrupting the system for disruption’s sake,” Cong. Oducado said. “It is about making the financial system work for more Filipinos.”
The bill is now awaiting committee referral and deliberation in the House of Representatives.#
