A trade group composed of local financial technology (fintech) players is calling for the passage of the “Konektadong Pinoy” bill, or the proposed Open Access in Data Transmission Act, to support further adoption of digital payments.
FinTech Alliance PH, in a statement on Monday, said the bill would improve internet access across the country, thereby boosting financial inclusion through online banking and e-wallets.
“The Konektadong Pinoy bill is poised to be a crucial policy enabler, ensuring that every Filipino, regardless of their location, gains access to financial technology,” Fintech Alliance PH founding chair Lito Villanueva said.
“FinTech Alliance PH is committed to supporting the Bangko Sentral ng Pilipinas’ goal of having 70 percent of adult Filipinos open transaction accounts,” added Villanueva, who is also executive vice president and chief innovations and inclusion officer at Rizal Commercial Banking Corp.
The bill, up for Senate plenary deliberations, seeks to provide Filipinos with affordable internet access by encouraging the entry of more industry players who can develop critical infrastructures across the country.
Small players
According to the proposed act, the National Telecommunications Commission must “ensure that the data transmission sector remains open and accessible to all qualified participants.”
The group said this would allow “small players to further invest in infrastructure, especially in underserved areas where various hurdles hinder our efforts.”
Other business groups like the Philippine Cable and Telecommunications Association, Joint Foreign Chambers of the Philippines, the Philippine Chamber of Commerce and Industry and the Philippine Exporters Confederation Inc. also threw their support behind the bill.
It is included in the common legislative agenda of the influential Legislative-Executive Development Advisory Committee (Ledac).
On the other end of the spectrum, various groups were not in favor of the bill, which they said could make the Philippines vulnerable to cyberattacks with more foreign players joining the fray.
The government released last year Joint Memorandum Circular 2023-01, which outlines the implementing rules and regulations of Executive Order No. 32, otherwise known as “Streamlining the Permitting Process for the Construction of Telecommunications and Internet Infrastructure.”
It mandates that permits must be processed within seven days.