Senator Grace Poe on Tuesday cited the importance of the newly Foreign Corrupt Practices Act (FCPA), saying the new law was meant to protect and reinforce the Filipino financial consumers’ rights to redress of grievances, access information, and maintain their 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,” Poe said.
The senator also said 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,” said Poe. “They can also impose sanctions, including suspension of operations of financial service providers and reimbursement of lost money,” added Poe.
According to Poe, chair of the Senate public services committee, said they 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,” she stressed.
The senator said 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,” she added.