Tingog Party-list has backed the immediate passage of the proposed Philippine Open Finance Act, joining the Bangko Sentral ng Pilipinas (BSP) and leaders in the financial technology sector in advancing reforms aimed at broadening access to financial services for millions of Filipinos, including students, faculty and personnel in higher education institutions nationwide.

The party said open finance is not merely a financial sector reform but a structural reform that addresses inequities long felt in the education sector.

Rep. Jude Acidre, chairperson of the House Committee on Higher and Technical Education, underscored that meaningful access to financial tools directly affects educational mobility and institutional resilience.

“Financial inclusion is educational inclusion. When students, teachers and university personnel gain fair access to credit, savings, insurance and digital financial platforms, we remove structural barriers that limit their ability to pursue education, research, innovation and professional advancement,” Acidre said.

The BSP has emphasized that open finance will promote transparent, customer-centric and interoperable financial services. Stakeholders in the fintech sector have likewise called for a clear statutory framework that enables secure, consumer-authorized data sharing to unlock more responsive and competitive financial products.

The proposed measure seeks to establish a secure, interoperable system for consent-driven financial data sharing. It codifies consumer data rights, mandates the use of secure application programming interfaces (APIs), and promotes competition and innovation while safeguarding data privacy and security.

Tingog said the higher education community stands to benefit significantly. Students may gain access to education loans, digital wallets, micro-savings and insurance products even without traditional banking history. Faculty and researchers may access fair credit and financial tools to support academic work and professional development. Non-teaching personnel, many of whom remain financially underserved, may build credit profiles and access affordable financial services. State universities and colleges may also adopt more efficient systems for scholarships, stipends and payroll.

The party added that the proposed law incorporates safeguards consistent with the Constitution and the Data Privacy Act, ensuring that consumer consent, control and protection remain central to its implementation.

“Para sa TINGOG Party-list, ang Open Finance Act ay batas ng pagkakataon at pagkakapantay-pantay. Nakikiisa kami sa Bangko Sentral ng Pilipinas at sa fintech sector sa pagsusulong ng makabago at inklusibong sistemang pinansyal. Maraming estudyante, guro at kawani sa ating mga pamantasan ang nananatiling ‘unbanked’ hindi dahil kulang sila sa kakayahan, kundi dahil kulang sila sa pagkakataong makilala ng sistemang pinansyal. Sa pamamagitan ng ligtas at may pahintulot na pagbabahagi ng datos pinansyal, mabibigyan sila ng patas na access sa pautang, ipon at iba pang serbisyong magpapalakas sa kanilang kinabukasan. Kapag mas inklusibo ang pananalapi, mas nagiging inklusibo rin ang edukasyon — at ito ang diwa ng Bagong Pilipinas,” Acidre said.

Tingog called on Congress to prioritize the passage of the Philippine Open Finance Act, describing it as a key reform for inclusive growth, digital transformation and human capital development.