The consumer financial services are seeing a steady growth in demand particularly from the small-to-medium scale enterprises in the Philippines, owing to robust business climate and increasing consumer spending. Thus, there is a need for businesses involved in personal, and credit loan services to safeguard their customers’ trust by ensuring that personal information remains secure against data theft.
At the 15th Data Protection Officers Assembly (DPO15), Privacy Commissioner and NPC Chairman Raymund Liboro encouraged consumer finance service providers to comply with the provisions of the Data Privacy Act (DPA) of 2012, emphasizing on the need to mitigate risks as this sector becomes increasingly dependent on advances in technology.
The definitive outcome of compliance is ensuring the consumer finance sector’s stability, global competitiveness and continued contribution to national economic progress.
“Data privacy compliance is a must for all organizations that collect and process personal data. Determining your responsibility in protecting such data – from acquisition, storage, and transfer – not only helps your clients have that sense of security but also strengthens your brand as a company that puts their customers above all else,” Liboro said.
The NPC has convened the Data Protection Officers (DPOs) of the consumer finance sector last February 20, 2018 at the PICC with the theme “Data Privacy: Safeguarding trust in consumer finance”, to encourage compliance awareness, accountability and a sense of urgency within the sector.
Highlighting DPO15 is the declaration of a partnership between the NPC and key leaders in the consumer finance industry. This includes global finance technology (fintech) company Home Credit Philippines (HCPH), represented by its president and CEO Annica Witschard, and the Philippine Finance Association led by its president Gerry Verzola. Their support conveys the sector’s commitment to building a resilient data privacy culture in the Philippines.