A bill filed in the House of Representatives seeks to require financial institutions to consider alternative consumer data in credit assessments, potentially giving Filipinos without conventional banking records greater access to loans and other financial services.
The BSP said the amendments were prompted in part by the results of its Consumer Expectations Survey for the fourth quarter of 2025, which found that one in three Filipino consumers cited high transaction fees as a major barrier to using digital payments more frequently.
The state-run bank facilitated 94.7 million transactions worth P1.9 trillion from January to June 2023, representing year-on-year jumps of 22% and 41% in volume and value, respectively.
A UP Law professor explained that the current tax system was developed for brick-and-mortar or traditional businesses with a physical location and is not applicable for e-commerce firms.
The overall increase in transaction value was propelled by the bank’s corporate Internet banking platform, the Landbank weAccess, which logged 13.26 million transactions worth P2.95 trillion – a 739% increase in value from the same period last year.
