Filipinos know financial rights but lack complaint awareness

Just 22% recognise the consumer assistance mechanism under the 2022 law.

Seven in 10 Filipinos know their rights under the Financial Products and Services Consumer Protection Act of 2022, but fewer are aware of the responsibilities of financial service providers and available complaint channels.

Awareness of consumer rights is highest for fair treatment and data privacy, at 77% and 73%, respectively.

Meanwhile, 70% of Filipinos know their right to timely handling and resolution of complaints, whilst the same percentage are aware of their right to clear information about financial products and services.

Another 68% know they are entitled to protection against fraud and misuse of their assets.

However, only 38% are aware of financial service providers' responsibilities, whilst 53% understand their own responsibilities as consumers.

Awareness of complaint and assistance channels is even lower. Only 22% know about the consumer assistance mechanism, whilst 16% are familiar with the Bangko Sentral ng Pilipinas' Online Buddy (BOB), its automated consumer assistance channel.

The findings also show that awareness of financial service providers' responsibilities and consumer assistance mechanisms remains limited, particularly among rural, older, and lower-income Filipinos.