Filipinos show low awareness of financial complaint mechanisms

A recent study reveals that while 70% of Filipinos are aware of their rights under the Financial Products and Services Consumer Protection Act of 2022, there is a significant gap in knowledge regarding how to report grievances.

Awareness is highest for rights concerning fair treatment (77%) and data privacy (73%). However, only 22% of respondents recognize the consumer assistance mechanism established by the 2022 law, and only 16% are familiar with the Bangko Sentral ng Pilipinas ‘Online Buddy’ (BOB), an automated consumer assistance channel.

The report also indicates that while 53% of Filipinos understand their own responsibilities as consumers, only 38% are aware of the responsibilities of financial service providers. This lack of awareness regarding assistance channels and provider duties is particularly prevalent among older, rural, and lower-income populations.