Filipinos without bank loans or credit cards could gain easier access to credit under a proposed measure that would allow digital transactions, such as e-wallet use and bill payments, to help prove their creditworthiness.

House Bill No. 9149, or the Open Finance and Consumer Data Empowerment Act of 2025, seeks to establish the country’s first legal framework for consumer-directed financial data sharing, allowing individuals to authorize accredited lenders to access up to 24 months of their financial and transactional data for credit evaluation.

The data may include bill payments, subscription activity, rewards card usage, and other alternative sources, giving lenders a broader basis for assessing borrowers who lack formal banking records.

“The digital economy has outpaced our regulatory infrastructure. Filipinos are generating rich financial data every day through their phones, their e-wallets, and their utility payments. We aim to leverage that data to democratize access to financial tools and services that have long been unavailable for millions,” Tingog Party-list Rep. Jude Acidre, a co-author of the bill, said on Tuesday.

Fintech Alliance Philippines backed the measure, saying it would expand financial inclusion while creating new opportunities for lenders.

“Open Finance legislation matters because it accomplishes two things at once: it directly expands financial access for consumers, and it opens new markets for industry to competitively serve customers the system has ignored,” said Todd Schweitzer, a board trustee of the alliance.

Digital payments accounted for 57.4 percent of retail payment transactions in the Philippines in 2024, while an estimated 58 million Filipinos now use e-wallets. 

Despite this, Schweitzer said many consumers remain underserved by the formal banking system.

The bill also proposes creating a Consumer Data Commission under the Office of the President to regulate data sharing among banks, financial institutions, telecommunications firms, utilities, and other entities that hold consumer data.

The proposed commission would set technical and security standards, accredit entities authorized to receive consumer data, conduct compliance audits, enforce sanctions against violators, submit annual reports to Congress and review the law every two years.