Philippine banking and finance leaders have pledged support to the country’s data privacy laws by committing to comply with the relevant issuances by the National Privacy Commission (NPC).
The Banker’s Association of Philippines (BAP) and the NPC made the announcement after their meeting with representatives of the Information Security Officer’s Group (ISOG) and the Association of Bank Compliance Officers of the Philippines (ABCOMP).
They convened the meeting primarily to form a banking and finance sector council that will draft an industry-specific data privacy code, the BAP said.
The Philippines has one the most stringent data privacy laws in the region, Privacy Commissioner and Chairman Raymund Enriquez Liboro said.
He pointed out that the Data Privacy Act of 2012 and subsequent issuances from the NPC are 21st century laws made to address 21st century concerns, and they were drawn up to conform with international and cross-border data protection principles.
BAP President Nestor Tan said compliance with data privacy laws will ensure that clients, regardless of nationality are protected from identity and data theft, and that their deposits and related banking activities remain secure. “Compliance will also make the Philippine banking industry competitive with foreign banks,” he added.