The Manila Fintech Summit 2025 brought together regulators, banking leaders, fintech innovators, and policymakers to focus on a pressing theme: how to strengthen digital trust while keeping pace with rapid innovation. Beyond showcasing artificial intelligence, payments modernization, and open finance, the conversations consistently circled back to a single issue—consumer protection.
The spotlight was on three cornerstone laws: the Anti-Financial Account Scamming Act (AFASA), the Internet Transactions Act (ITA) and its new E-Commerce Bureau, and the SIM Registration Act. Together, these initiatives are expected to reshape how Filipinos interact with digital platforms, prevent scams, and restore confidence in online commerce.
Why the Summit Mattered: A Shift to Digital Trust
The Summit underscored that the Philippines is at a turning point. While mobile wallets, digital lending, and e-commerce continue to grow at record speed, so do scams, mule accounts, and phishing attempts.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. noted during the Summit: “Innovation is only meaningful when it is built on stability and trust. Protecting consumers from fraud and abuse is not an afterthought—it is the foundation of sustainable fintech.”
The Anti-Financial Account Scamming Act (AFASA): Cracking Down on Money Mules
What the Law Covers
Passed in 2024, AFASA directly tackles money-muling and social engineering scams. It criminalizes the buying, selling, or lending of bank accounts and empowers authorities to act against phishing and identity-deception schemes.
Key provisions include:
Clear liability for those who enable money-mule activity.
Duties for banks and financial institutions to use multi-factor authentication (MFA) and advanced fraud management systems.
Authority for the BSP to freeze suspicious funds, conduct account inquiries, and apply for cybercrime warrants.
Why It Matters
For consumers, AFASA means banks now have both the legal duty and power to intervene before stolen funds are siphoned off.
As FinTech Alliance Philippines Chair Lito Villanueva explained: “Scams are evolving, but so are we. AFASA allows us to disrupt the cycle by holding both mule account sellers and fraud enablers accountable. It gives consumers a fighting chance.”
The Internet Transactions Act (ITA): A New E-Commerce Bureau for Accountability
One-Stop Shop for Complaints
The Internet Transactions Act (RA 11967) is a major win for Filipino consumers. It mandates the creation of an E-Commerce Bureau under the DTI, envisioned as a one-stop hub for policy oversight, merchant monitoring, and handling consumer complaints.
The Bureau’s powers include:
Issuing subpoenas, takedown orders, and blacklisting repeat offenders.
Maintaining a national online business database for transparency.
Rolling out a Trustmark system to help consumers identify legitimate sellers.
Launching an online dispute resolution (ODR) platform to simplify refund and return disputes.
What This Means for Consumers
Before the ITA, shoppers often had nowhere to turn after falling victim to online scams or unfair seller practices. The new Bureau provides a clear, centralized channel for redress, reducing frustration and empowering buyers with stronger rights.
Former DTI Secretary Alfredo Pascual emphasized this role: “The E-Commerce Bureau will be the citizen’s front door to digital protection. Consumers should no longer feel powerless when things go wrong online.”
The SIM Registration Act: Securing the First Layer of Digital Identity
The Current Framework
The SIM Registration Act (RA 11934) was designed to prevent anonymous SIM card use, a common tool for scammers. By mandating registration of all SIM cards, it aims to limit spam texts, phishing attempts, and fraudulent calls.
Violations such as using fake IDs, spoofing, or selling pre-registered SIMs carry stiff penalties, including fines and jail time.
Challenges and Criticisms
While the Act has reduced low-level spam, fraudsters continue to adapt, exploiting loopholes through bulk registrations, identity brokers, and VoIP numbers. Critics argue that the law is a necessary but incomplete tool.
Senator Grace Poe, who championed the law, acknowledged the challenge: “SIM registration is not a silver bullet. We must continuously improve ID verification and plug loopholes to ensure Filipinos are not left vulnerable to evolving scams.”
The Road Ahead: Integrating Consumer Protection Measures
The Manila Fintech Summit sent a clear message: regulation, technology, and collaboration must converge to fight digital fraud.
End-to-End Fraud Detection – From SIM cards to payment accounts, risk signals must be shared across industries. Real-time cooperation between banks, telcos, and platforms is key.
Simpler Redress Mechanisms – With the E-Commerce Bureau’s ODR system, consumers will finally have faster and more transparent complaint resolution.
Clearer Industry Guidelines – AFASA requires banks to document how they freeze funds, investigate cases, and protect customers. Compliance will become a competitive advantage.
Trust Through Transparency – Programs like the DTI’s Trustmark can reassure shoppers, while clear refund and return policies will differentiate trustworthy sellers.
Tighter Identity Controls – Policymakers may consider stricter SIM regulations, enhanced ID verification, and fraud analytics to ensure the SIM Registration Act keeps pace.
From Summit Stage to Everyday Protection
The Manila Fintech Summit 2025 made it clear that digital growth must be built on digital trust. Laws like AFASA, the Internet Transactions Act, and the SIM Registration Act give the Philippines a strong foundation to combat fraud, scams, and unsafe online practices.
As BSP Deputy Governor Chuchi Fonacier said: “Consumer confidence is the true currency of fintech. If people feel safe, they will embrace digital services. If not, innovation will stall.”
If effectively implemented, these measures could position the Philippines not only as a fintech growth hub but also as a regional leader in digital consumer protection.
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