NPC calls for data privacy compliance in the consumer finance sector at DPO15
The
consumer finance services are seeing a steady growth in demand particularly
from the small-to-medium scale enterprises in the Philippines, owing to robust
business climate and increasing consumer spending. Thus, there is a need for
businesses involved in personal, and credit loan services to safeguard their
customers’ trust by ensuring that personal information remains secure against
data theft.
At the
15th Data Protection Officers Assembly (DPO15), Privacy Commissioner
and NPC Chairman Raymund Liboro encouraged consumer finance service providers
to comply with the provisions of the Data Privacy Act (DPA) of 2012,
emphasizing on the need to mitigate risks as this sector becomes increasingly
dependent on advances in technology.
The
definitive outcome of compliance is ensuring the consumer finance sector’s
stability, global competitiveness and continued contribution to national
economic progress.
“Data
privacy compliance is a must for all organizations that collect and process
personal data. Determining your responsibility in protecting such data – from
acquisition, storage, and transfer – not only helps your clients have that
sense of security but also strengthens your brand as a company that puts their
customers above all else,” Liboro said.
The NPC has convened the Data Protection Officers (DPOs) of the consumer
finance sector last February 20, 2018 at
the PICC with the theme “Data Privacy: Safeguarding trust in consumer
finance”, to encourage compliance awareness, accountability and a sense
of urgency within the sector.
Highlighting
DPO15 is the declaration of a partnership between the NPC and key leaders in the
consumer finance industry. This includes global finance technology (fintech)
company Home Credit Philippines (HCPH), represented by its president and CEO
Annica Witschard, and the Philippine Finance Association led by its president
Gerry Verzola. Their support conveys the sector’s commitment in building a
resilient data privacy culture in the Philippines.
“As a
fintech company, the more data we have, the better position we are in to
provide people with the financial tools that they need,” remarked Ms. Witschard.
“And this means we have a responsibility to our customers and to the public to
keep this data safe and secure. Responsible use of data, one that is fully
compliant with the Data Privacy Act, is a must to protect consumers and retain
their trust. We are one with the NPC in raising awareness for this law, and we
hope that more companies take part in this initiative.”
The NPC has been actively promoting compliance to have
government and private firms in the Philippines register their data processing
systems with the Comission before the March 8 deadline as part of the
requirements of the Data Privacy Act of 2012, under section 45 of the
implementing rules and regulations.
A study by Social Weather Stations (SWS) commissioned by the
NPC in 2017 showed that 94% of Filipinos want to know how businesses would use
their personal information.
“It’s paramount to install security protocols to ensure that
data isn’t stolen or illegally shared. This is one key aspect of protecting the
integrity of your business. Everyone, especially businesses, has a
responsibility to protect personal information,” Commissioner Liboro said.
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