Press Release
May 17, 2022

Poe on signing of FCPA into law:

At the core of the law are protection and reinforcement of the Filipino financial consumers' rights to redress, information and privacy.

We expect financial service providers to establish and strengthen existing mechanisms to immediately assist consumer complaints, requests or inquiries and provide status on courses of action.

The law arms regulators with sufficient authority in effectively preventing fraud and timely addressing consumer issues, especially as more turn to digital services.

They are empowered to conduct market surveillance and examination, carry out market monitoring, formulate their own rules, and impose sanctions, including suspension of operations of financial service providers and reimbursement of lost money.

We authored this measure and saw its passage through as its sponsor to ensure heightened level of protection for all consumers. Transactions, big or small, deserve quality and prompt attention.

We must never let our people agonize on where their money went.

Inspiring trust and confidence in the system will lead us to our goal of greater financial inclusion.

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