Bill Type
Short Title
FINANCIAL PRODUCTS AND SERVICES CONSUER PROTECTION ACT
Text as Filed (File)
Third Reading Copy link (HRep)
Scope
Legislative Status
Legislative Status Date
Session Sequence No.
67
Session Type
Document Certification
All Information (Senate Website)
Legislative History (Senate Website)
Committee Report Senate Link
Committee Referral (Senate Website)
Committee Details
House Committee Report link
Legislative History
| House Bill/Resolution NO. HB06768 | |
| FULL TITLE : AN ACT AFFORDING MORE PROTECTION TO CONSUMERS OF FINANCIAL PRODUCTS AND SERVICES | |
| SHORT TITLE : Financial Products And Services Consumer Protection Act | |
| ABSTRACT : Aims to protect the following rights of financial consumers: a.Right to equitable and fair treatment; b.Right to disclosure and transparency of Financial Products and Services; c.Right to protection of consumer assets against fraud and misuse; d.Right to data privacy and protection; and e.Right to timely handling and redress of complaints. Provides, among others, financial regulators such as the Bangko Sentral ng Pilipinas (BSP), the Security and Exchange Commission (SEC), the Insurance Commission (IC) and the Cooperative Development Authority (CDA), rulemaking, surveillance and inspection, market monitoring, enforcement and adjudication powers relative to consumer protection. |
|
| PRINCIPAL AUTHOR/S : CUA, JUNIE E., SALCEDA, JOEY SARTE, HERNANDEZ, FERDINAND L., VILLAFUERTE, LUIS RAYMUND "LRAY" JR F., LEGARDA, LOREN, TIANGCO, JOHN REYNALD M., SY-ALVARADO, "KUYA" JOSE ANTONIO R. | |
| DATE FILED : 2020-05-19 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Nieto (000 2020-05-28) | 2. Cagas (000 2020-06-02) |
| 3. Tan (A.) (000 2020-06-16) | |
| AUTHORS(Final/Third Reading) : | |
| 1. Cua | 2. Salceda |
| 3. Hernandez | 4. Villafuerte |
| 5. Legarda | 6. Tiangco |
| 7. Sy-Alvarado | 8. Nieto |
| COUNTERPART HOUSE BILL/CONCURRENT RESOLUTION: SB02488 | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 00310 | |
| SUBMITTED ON 2020-05-19 | |
| SUBMITTED BY: BANKS AND FINANCIAL INTERMEDIARIES | |
| RECOMMENDATIONS: Recommending its approval in substitution of House Bill Numbered 5976, 6143,6299, 6416 and 6603 | |
| SUBSTITUTED BILLS: HB05976, HB06143, HB06299, HB06416, HB06603 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2020-05-20 | |
| DATE INCLUDED IN OB: 2020-05-20 | |
| DATE CALENDARED : 2020-05-26 | |
| SECOND READING INFORMATION | |
| PERIOD OF SPONSORSHIP : 2020-05-28 | |
| SPONSORED BY : Cua | |
| DATE SPONSORSHIP/DEBATE CLOSED: 2020-05-28 | |
| FINAL LIST OF AUTHORS : Cua, Salceda, Hernandez, Villafuerte, Legarda, Tiangco, Sy-Alvarado, Nieto | |
| DATE APPROVED ON SECOND READING : 2020-05-28 | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2020-05-29 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2020-06-02 | |
| THIRD READING TITLE : AN ACT AFFORDING MORE PROTECTION TO CONSUMERS OF FINANCIAL PRODUCTS AND SERVICES | |
| HOUSE VOTES: YEAS:209 NAYS:0 ABSTAIN:.0 | |
| Voting Details Per Member(Legend:Y-Yes N-No A-Abstain X-Did Not Vote B-Absent D-N/A) | |
| Y---Abante | Y---Abaya |
| Y---Abellanosa | Y---Abu |
| Y---Abueg-Zaldivar | X---Abunda |
| Y---Acop | Y---Acosta |
| Y---Acosta-Alba | X---Adiong |
| X---Advincula | Y---Agabas |
| Y---Agarao | Y---Aglipay |
| Y---Albano (A.) | D---Albano (R.)--(N/A) |
| Y---Vargas Alfonso | Y---Almario |
| Y---Alonte | Y---Alvarez (F.) |
| X---Alvarez (G.) | Y---Alvarez (P.) |
| Y---Amante-Matba | X---Amatong |
| Y---Andaya | Y---Angara |
| Y---Aragones | Y---Arbison |
| X---Arenas | Y---Macapagal Arroyo |
| Y---Arroyo | Y---Atienza |
| Y---Aumentado | Y---Babasa |
| Y---Bagatsing | Y---Bainto-Aguinaldo |
| Y---Balindong | X---Bañas-Nograles |
| Y---Barba | Y---Barbers |
| X---Baronda | X---Barzaga |
| Y---Bascug | Y---Bautista |
| Y---Bautista-Bandigan | Y---Belmonte |
| Y---Benitez | X---Bernos |
| Y---Biazon | Y---Billones |
| X---Biron | Y---Bolilia |
| Y---Bondoc | Y---Bordado |
| Y---Bravo | Y---Brosas |
| X---Bulut | Y---Bustos |
| Y---Cabatbat | Y---Cabochan |
| Y---Cabredo | Y---Cagas |
| Y---Calderon | X---Calixto |
| X---Caminero | Y---Campos |
| X---Canama | X---Caoagdan |
| D---Cardema--(N/A) | Y---Cari |
| Y---Castelo | Y---Castro (F.L.) |
| X---Castro (F.H.) | Y---Cayetano (A.P.) |
| Y---Cayetano (M.L.) | Y---Celeste |
| Y---Chatto | Y---Chipeco |
| Y---Chungalao | Y---Co (A.N.) |
| X---Co (E.) | X---Cojuangco |
| Y---Collantes | X---Crisologo |
| X---Cua | Y---Cuaresma |
| Y---Cueva | X---Cullamat |
| Y---Dagooc | Y---Dalipe |
| Y---Dalog | Y---Datol |
| X---Ruiz Daza | Y---De Jesus |
| X---De Venecia | Y---Defensor (L.) |
| X---Defensor (M.) | Y---Del Mar |
| Y---Delos Santos | Y---Deloso-Montalla |
| Y---Dimaporo (A.) | Y---Dimaporo (M.K.) |
| X---Duavit | X---Dujali |
| Y---Duterte | Y---Dy (F.M.C.) |
| Y---Dy (F.) | X---Dy (I.P.) |
| X---Ebcas | Y---Ecleo |
| Y---Elago | Y---Enverga |
| Y---Erice | Y---Eriguel |
| Y---Ermita-Buhain | Y---Escudero |
| Y---Espina | Y---Espino |
| Y---Estrella | Y---Fariñas (R.C.) |
| X---Fariñas I (R.C.) | Y---Fernandez |
| X---Fernando | Y---Ferrer (J.M.) |
| X---Ferrer (L.) | X---Flores |
| D---Fongwan--(N/A) | Y---Fortun |
| Y---Fortuno | Y---Frasco |
| X---Fuentebella | Y---Gaite |
| X---Garbin | Y---Garcia (J.E.) |
| Y---Garcia (P.J.) | Y---Garcia (V.) |
| X---Garin (J.) | X---Garin (S.) |
| Y---Gasataya | Y---Gatchalian |
| Y---Gato | X---Geron |
| Y---Go (E.C.) | Y---Go (M.) |
| X---Torres-Gomez | X---Gonzaga |
| Y---Gonzales (A.) | Y---Gonzales (N.) |
| Y---Gonzalez | Y---Gorriceta |
| Y---Guico | Y---Gullas |
| X---Guya | X---Haresco |
| X---Hataman | Y---Hernandez |
| Y---Herrera-Dy | Y---Hofer |
| Y---Jalosjos | X---Javier |
| Y---Jimenez | Y---Kho (E.) |
| X---Kho (W.) | X---Khonghun |
| Y---Labadlabad | Y---Lacson |
| X---Lacson-Noel | X---Lagman |
| Y---Lagon | Y---Lara |
| Y---Lazatin | X---Leachon |
| X---Legarda | Y---Lim |
| Y---Limkaichong | Y---Lopez (M.L.) |
| X---Loyola | Y---Lusotan |
| Y---Maceda | X---Madrona |
| Y---Malapitan | X---Mangaoang |
| Y---Mangudadatu | X---Marcoleta |
| Y---Mariano-Hernandez | Y---Mariño |
| Y---Marquez | X---Martinez |
| Y---Matba | Y---Matugas |
| X---Mendoza | X---Mercado |
| Y---Momo | Y---Natividad-Nagaño |
| Y---Nava | Y---Nieto |
| X---Noel | Y---Nograles (J.J.) |
| X---Nograles (J.F.F.) | Y---Nolasco |
| X---Nuñez-Malanyaon | Y---Oaminal |
| Y---Olivarez | Y---Ong (J.) |
| Y---Ong (R.) | D---Ordanes--(N/A) |
| Y---Ortega | Y---Ouano-Dizon |
| X---Pacquiao (A.) | Y---Pacquiao (R.) |
| Y---Padiernos | Y---Paduano |
| Y---Palma | X---Pancho |
| X---Panotes | Y---Peña |
| X---Pichay | Y---Pimentel |
| X---Pineda | Y---Plaza |
| Y---Puno | Y---Quimbo |
| Y---Radaza | Y---Ramirez-Sato |
| X---Ramos | Y---Remulla |
| Y---Revilla | X---Reyes |
| Y---Rivera | Y---Robes |
| Y---Rodriguez | Y---Roman |
| X---Romero | Y---Romualdez (F.M.) |
| Y---Romualdez (Y.M.) | Y---Romualdo |
| Y---Romulo | Y---Roque |
| X---Sacdalan | X---Sagarbarria |
| X---Sakaluran | X---Salceda |
| Y---Salimbangon | Y---Salo |
| Y---Salvador-Tambunting | Y---Sanchez |
| Y---Sangcopan | Y---Santos-Recto |
| Y---Sarmiento | Y---Saulog |
| X---Savellano | Y---Siao |
| Y---Silverio | X---Singson |
| Y---Singson-Meehan | X---Sinsuat |
| Y---Suansing (E.) | Y---Suansing (H.) |
| X---Suarez (A.) | X---Suarez (D.) |
| Y---Suntay | X---Sy-Alvarado |
| Y---Taduran | Y---Tallado |
| X---Tan (A.S.) | Y---Tan (A.) |
| X---Tan (S.) | Y---Tan (S.A.) |
| X---Tan-Tambut | X---Tejada |
| X---Teves (A.) | Y---Teves (J.) |
| Y---Tiangco | Y---Tolentino |
| X---Tulfo | Y---Tupas |
| Y---Tutor | X---Ty (A.) |
| X---Ty (D.) | Y---Umali (A.) |
| Y---Umali (M.V.) | Y---Unabia |
| Y---Ungab | Y---Uy (J.) |
| X---Uy (R.) | Y---Valeriano |
| Y---Valmayor | Y---Vargas |
| Y---Velasco | Y---Veloso |
| X---Vergara | Y---Villa |
| Y---Villafuerte | Y---Villanueva (E.) |
| Y---Villanueva (N.) | Y---Villar |
| Y---Villaraza-Suarez | Y---Villarica |
| X---Violago | X---Yap (E.) |
| Y---Yap (V.) | Y---Yu |
| X---Zamora (R.) | X---Zamora (W.K.) |
| Y---Zarate | X---Zubiri |
| DATE TRANSMITTED TO THE SENATE: 2020-06-03 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2020-06-03 | |
| DATE HOUSE ADOPTED SENATE BILL AS AN AMENDMENT TO HOUSE BILL: 2022-02-02 | |
| REMARKS : |
Senate Legislative History
Entitled: AN ACT AFFORDING MORE PROTECTION TO CONSUMERS OF FINANCIAL PRODUCTS AND SERVICES [ FIRST REGULAR SESSION, 18TH CONGRESS ] [ 2020 ] Introduced by Representatives JUNIE E. CUA, JOEY SARTE SALCEDA, FERDINAND L. HERNANDEZ, LUIS RAYMUND JR. F. VILLAFUERTE, et. al.; Approved on Third Reading by the House of Representatives on June 2, 2020; 6/3/2020 Sent to the Senate requesting for concurrence; 6/4/2020 Read on First Reading and Referred to the Committee(s) on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES and TRADE, COMMERCE AND ENTREPRENEURSHIP; [ THIRD REGULAR SESSION ] [ 2022 ] 1/17/2022 Conducted JOINT COMMITTEE MEETINGS/HEARINGS; 1/24/2022 Returned jointly by the Committees on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES and TRADE, COMMERCE AND ENTREPRENEURSHIP per Committee Report No. 505, recommending that it be considered in SBN-2488; 1/25/2022 Committee Report Calendared for Ordinary Business; 1/25/2022 CONSIDERED IN SBN-2488 UNDER COMMITTEE REPORT NO. 505. 2/3/2022 House of Representatives adopted SBN-2488 as an amendment to HBN-6768 on February 2, 2022; 3/23/2022 Letter from Secretary Myra Marie D. Villarica, dated March 16, 2022, transmitting nine (9) enrolled copies of the consolidated version of SBN-1155 and HBN-10610, for the signature of Speaker Allan Jay Q. Velasco and Secretary General Mark Llandro L. Mendoza 3/30/2022 Letter for Senate Secretary Myra Marie D. Villarica, returning eight (8) enrolled copies of the consolidated version of SBN-2488 and HBN-6768, which were signed by Speaker Lord Allan Jay Q. Velasco and Secretary General Mark Llandro L. Mendoza; 4/6/2022 Enrolled copies of the consolidated version of SBN-2488 and HBN-6768, sent to the Office of the President through PLLO for the signature of the President, His Excellency, President Rodrigo Roa Duterte; 5/19/2022 Consolidated with SBN-2488, which was Approved and Signed into Law by the President of the
Philippines, His Excellency, President Rodrigo Roa Duterte on May 6, 2022 and became5/19/2022 REPUBLIC ACT NO. 11765.
Abstract
Aims to protect the following rights of financial consumers:a.Right to equitable and fair treatment;b.Right to disclosure and transparency of Financial Products and Services;c.Right to protection of consumer assets against fraud and misuse;d.Right to data privacy and protection; ande.Right to timely handling and redress of complaints.Provides, among others, financial regulators such as the Bangko Sentral ng Pilipinas (BSP), the Security and Exchange Commission (SEC), the Insurance Commission (IC) and the Cooperative Development Authority (CDA), rulemaking, surveillance and inspection, market monitoring, enforcement and adjudication powers relative to consumer protection.
Law PDF
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.