Inquiries and requests for credit score information increased significantly during the pandemic as more people apply for loans to help them cope with the crisis.
Over a third or 36 percent of Filipino adults think that obtaining a loan from formal financial institutions is not accessible to them because of lack of documentary requirements.
At the 15th Data Protection Officers Assembly (DPO15), National Privacy Commission (NPC) chair Raymund Liboro encouraged consumer finance service providers to comply with the provisions of the Data Privacy Act of 2012 as he emphasized the need to mitigate risks as the sector becomes increasingly dependent on advances in technology.
