There's an estimated 124 fintech lenders in the Philippines comprising of 75 mobile apps, 40 Web-based, and five brick-and-mortar with tech platform. But less than half of these firms are registered with the government.
The Philippines and Singapore have agreed to share best practices in personal data protection and develop compatible mechanisms to facilitate trusted cross-border data flows including mutual recognition of comparable protection afforded by their respective laws.
The Asean took a major step in harmonizing regional data protection, privacy regulations, and initiatives by launching the first Asean Data Protection and Privacy Forum in Bangkok, Thailand with the Philippines at the helm.
The reality is that impregnable cybersecurity is a myth. So far, the only way to make our data safer is to combine technology, human expertise, and general awareness.
The reality is that impregnable cybersecurity is a myth. So far, the only way to make our data safer is to combine technology, human expertise, and general awareness.
Data privacy has strong relevance in the Philippines with Filipinos going online for an average of six hours a day and the country being one of the fastest growing in the world in terms of output and GDP.
Companies which collect personal information from customers such as banks should disclose certain things either before data gathering or within a reasonable period after.
The system will allow data protection officers (DPO) from companies and organizations to demonstrate accountability and enable operational compliance in weeks rather than months.
Under the MOA, the EITSC will conduct trainings and workshops with companies inside the economic zones that will allow them to be compliant with the Data Privacy Act.
