The Tingog Party-list on Wednesday expressed its full support for the immediate passage of the proposed Philippine Open Finance Act, joining the Bangko Sentral ng Pilipinas (BSP) and leaders in the financial technology sector in advancing a reform aimed at broadening access to financial services for millions of Filipinos – including students, faculty and personnel in higher education institutions nationwide.
Tingog Party-list Rep. Jude Acidre, chairperson of the House Committee on Higher and Technical Education, said open finance is not merely a financial sector reform but also a structural reform that addresses inequities long felt in the education sector.
“Financial inclusion is educational inclusion. When students, teachers, and university personnel gain fair access to credit, savings, insurance, and digital financial platforms, we remove structural barriers that limit their ability to pursue education, research, innovation, and professional advancement,” Acidre said in a statement.
The BSP has emphasized that open finance will promote transparent, customer-centric and interoperable financial services.
Stakeholders in the fintech sector have likewise called for a clear statutory framework that enables secure, consumer-authorized data sharing to unlock more responsive and competitive financial products.
The proposed measure establishes a secure, interoperable system for consent-driven financial data sharing. It codifies consumer data rights, mandates the use of secure application programming interfaces (APIs), and promotes competition and innovation while safeguarding data privacy and security.
Acidre said the higher education community stands to benefit significantly.
Through the measure, students may gain access to education loans, digital wallets, micro-savings, and insurance products—even without traditional banking history; faculty and researchers may access fair credit and financial tools to support academic work, innovation, and professional development; non-teaching personnel, many of whom remain financially underserved, can build credit profiles and access affordable financial services; and state universities and colleges (SUCs) can adopt more efficient systems for scholarships, stipends, payroll, and broader financial inclusion initiatives.
Acidre said the proposed law incorporates strong safeguards consistent with the Constitution and the Data Privacy Act, ensuring that consumer consent, control, and protection remain central to implementation.
“Para sa Tingog Party-list, ang Open Finance Act ay batas ng pagkakataon at pagkakapantay-pantay. Nakikiisa kami sa Bangko Sentral ng Pilipinas at sa fintech sector sa pagsusulong ng makabago at inklusibong sistemang pinansyal. Kapag mas inklusibo ang pananalapi, mas nagiging inklusibo rin ang edukasyon – at ito ang diwa ng Bagong Pilipinas (For Tingog Party-list, the Open Finance Act is a law on equal opportunity. We are on with the BSP and the fintech sector in pushing for a modern and inclusive financial system. If finance is inclusive, education will also be inclusive – and this is the spirit of the New Philippines),” Acidre said. (PNA)