Philippines' Open Finance Bill Still Pending as of July 2026; 57.4% of Transactions Now Digital

According to Rappler, as of July 2026, the Philippines' Open Finance and Consumer Data Empowerment Act of 2025 remains pending in the House committee on banks and financial intermediaries. The bill seeks to enable consumers to share their financial data—including e-wallet transaction history—with lenders to potentially access cheaper loans.

The proposal would grant consumers the right to obtain their information in a portable, machine-readable format free of charge at least once per quarter, and to instruct financial companies to securely transfer records to BSP-accredited recipients. Digital payments already accounted for 57.4% of retail payment transactions by volume in 2024, according to the Bangko Sentral ng Pilipinas, yet much of this activity remains excluded from traditional credit assessments. The measure must still pass both chambers of Congress and be signed into law to take effect.