Senate Bill 2171 seeks to declare the commission of large-scale offenses or the use of a mass mailer as a form of economic sabotage and a heinous crime, punishable with life imprisonment and a fine ranging from P1 million to P5 million.
Senators have called on authorities and financial institutions to closely monitor e-wallet providers whose platforms are allegedly being used by minors to place bets on e-sabong or online cockfighting.
The Bangko Sentral ng Pilipinas (BSP) has also reminded banks and e-wallet providers to enhance their surveillance and monitoring measures to deter digital vote-buying and selling schemes in relation to the upcoming elections in May 2022.
The bill will also require banks and non-bank financial institutions not only to respond to cybercrime reports with more urgency, but also strengthen their online platforms, payment systems, and data security.
The House Committee on Banks and Financial Intermediaries began on Tuesday, Aug. 17, to fine-tune House Bill 9615, which seeks to regulate the use of e-wallets and prohibit their use for any unlawful activity.