Senate Deputy Minority Leader Joel Villanueva has introduced legislation aimed at ensuring Filipinos receive guaranteed financial relief from banks and digital payment platforms during times of national crisis.
Senate Bill No. 2121, also known as the “Emergency Financial Stability and Consumer Protection Act,” proposes to grant the Bangko Sentral ng Pilipinas (BSP) the explicit legal authority to compel financial institutions to implement emergency measures.
Under the current system, the BSP can only issue guidelines or “encourage” compliance, leading to inconsistent relief for the public.
If passed, the bill would empower the BSP to mandate grace periods, loan restructuring, and payment deferrals. It also allows the central bank to waive fees for electronic transfers like InstaPay and PESONet when a national emergency is declared.
“The BSP’s job is to keep the financial system stable and protect the Filipino public, especially during a crisis. But we cannot ask the BSP to do its job and then leave it without the tools to do so,” Villanueva said. “This bill gives the BSP the authority it needs to act and to enforce.”
The Senator noted that the proposal addresses regulatory gaps seen during the COVID-19 pandemic and the recent State of National Energy Emergency. During these periods, some institutions chose not to follow the BSP’s voluntary relief guidance.
“Voluntary compliance is not good enough when Filipinos are struggling to keep the lights on, pay their loans, and put food on the table,” Villanueva added. “The public deserves a guarantee, not a request.”
The bill includes safeguards to prevent regulatory overreach, stating that any mandatory directive must be “proportionate” and cannot last longer than 180 days after an emergency ends. Furthermore, the BSP would be required to report the economic impact of these measures to Congress.
The measure covers all BSP-supervised entities, including banks, e-money issuers, and payment operators. Those failing to comply could face administrative fines or the suspension of responsible officers.
“When the next crisis comes—and it will come—the BSP should not have to beg. It should be ready to act, and Filipinos should know that relief from their bank is on the way,” Villanueva concluded.