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MANILA - Financial consumers will now have more protection against cybercrime under a new law signed by President Rodrigo R. Duterte. Republic Act (RA) No. 11765 or the "Financial Products and Services Consumer Protection Act", signed by Duterte on May 6, recognizes that the state must implement measures to protect consumers rights' such as right to equitable and fair treatment; right to disclosure and transparency of financial products and services; right to protection of consumer assets against fraud and misuse; right to data privacy and protection; and right to timely handling and redress of complaints. "It is the policy of the state to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair, and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices," the law read.

Bangko sentralRodrigor duterteExchange commissionServices consumer protectionInsurance commissionDevelopment authoritySenate as bill noPresident rodrigoSenate billHouse billCooperative development authorityManila financial consumers will now have more protection against cybercrime undera new law signed by president rodrigor duterte republic act ra no 11765 or the quot products and services consumerIgned by duterte on may 6Ecognizes that the state must implement measures to protect consumers rights 39 such as right equitable and fair treatment disclosure transparency of financial products services protection consumer assets against fraud misuse data privacy timely handling redress complaints quot it is policy ensure appropriate mechanisms are in place interest under conditionsNd sound market conductBend fair