BSP credits anti-financial scam law for boosting anti-drive drive

MANILA, Philippines —Sen. Mark A. Villar welcomed a report from the Bangko Sentral ng Pilipinas (BSP) that the Anti-Financial Account Scamming Act (AFASA), of which he was the principal author and sponsor, had given a major boost to the government’s campaign against online scams and financial fraud.

Villar, who chairs the Senate Committee on Banks, Financial Institutions and Currencies, got an update on the AFASA implementation from BSP general counsel Roberto L. Figueroa during an Aug. 17 hearing of the Senate Committee on Finance briefing on the proposed 2027 national budget.

Figueroa told Villar that the law had significantly strengthened the central bank’s ability to combat scams and fraud, particularly through the Consumer Account Protection Office (CAPO).

READ: Villar: Landmark AFASA law now delivering results in fight vs scammers

“The data clearly show the concrete results of AFASA. It has strengthened the investigation and filing of cases, while the possibility of victims recovering the money they lost has increased,” Villar said in a statement on Wednesday.

“I’m glad to see that more scammers get identified and held to account because of AFASA. The BSP and other agencies can rely on the Senate to help strengthen laws to give more protection to the public against financial scams,” he added.

According to Villar, among the gains cited was the 527 AFASA-related cases recorded by the Philippine National Police Anti-Cybercrime Group in 2025, of which 447 had already been solved or cleared.

Authorities also noted a decline in online scam incidents during the first half of 2026, partly because of greater public awareness of fraudulent schemes.

Figueroa also cited the December 2024 arrest by the National Bureau of Investigation of seven Chinese nationals allegedly involved in an online scamming operation in Parañaque City. The suspects faced charges that included social engineering schemes penalized under AFASA.

READ: BSP: Anti-fraud law may target corrupt officials again

According to Figueroa, Capo has also entered into information-sharing agreements with the Securities and Exchange Commission, Cybercrime Investigation and Coordinating Center, Department of Justice, and other law enforcement agencies to strengthen investigations and case build-up against financial fraudsters.

Under Afasa, the BSP has additional powers to examine financial accounts suspected of being used in scams and fraud without first securing a court order. It can then share the information it has gathered with law enforcement agencies to help them trace stolen funds, pursue fraudsters, and improve victims’ chances of recovering their money. /atm