BSP expectsapproval of AFASA bill soon

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is expecting the Senate to sign into law the Anti-Financial Account Scamming Act (AFASA) in July, possibly this weekend or next week, according to an official.

During yesterday’s Chamber of Thrift Banks annual convention, BSP Deputy Governor Chuchi Fonacier told CTB members that the AFASA bill might be passed within the month.

“I heard from the Office of the General Counsel of the BSP that (the bill will be signed) soon,” she said. “I think it might be over this weekend or in a week.”

Fonacier told reporters that the central bank is drafting the implementing rules and regulations (IRR) for AFASA.

“The IRR will cover the details of some of the provisions in the AFASA bill,” she said, adding that the BSP will also discuss some aspects of the bill with law enforcement and other government agencies.

“We’ll be putting them all together,” Fonacier said. “But on the part of the BSP, we already know the contents. We (just) need to consider the other ecosystem players.”

The AFASA – a collective name for three Senate resolutions, four Senate bills and a House bill – seeks to prevent and penalize financial cybercrimes, imposing harsher penalties for illegal acts such as online selling and investment scams, phishing and other fraud schemes.

The AFASA bill has been included in the Legislative-Executive Development Advisory Council’s list of priority measures.

BSP Senior Assistant Governor Elmore Capule said the AFASA bill could help address the rising number of financial crimes involving banks, e-wallets and other financial institutions.

Capule said the bill authorizes the BSP to investigate cases involving the violation of the proposed law, apply for cybercrime warrants and orders, and request the assistance of law enforcers in investigating cases.

It also gives the BSP limited authority to examine and investigate financial accounts, e-wallets and other financial accounts.

Data from the central bank showed that 43,115 complaints were filed and processed last year, 95 percent higher than the 22,142 recorded in 2022 through various channels of the BSP’s consumer assistance mechanism.