Cebu City, Cebu, Philippines – A seminar on Digital Financial Literacy was successfully conducted for cooperative members and stakeholders in Cebu City through the collaborative efforts of the Cooperative Development Authority (CDA) and the Bangko Sentral ng Pilipinas (BSP) with Ian Mark Anthony Tee, CPA as the resource person.  The activity aimed to enhance participants’ understanding of digital financial services, promote financial inclusion, and strengthen awareness on cybersecurity and consumer protection.

The session commenced with an engaging question from the resource speaker: “Who among you has digital accounts?” This immediately set the tone for the discussion on the current state of digital financial services and the increasing reliance on digital platforms for financial transactions.

The resource speaker provided an overview of the evolving digital financial landscape, including the introduction of the Central Bank Digital Currency (CBDC), a form of digital money issued by the central bank. Unlike existing e-money platforms such as GCash and PayMaya, which still require physical cash for cash-in transactions, CBDC is envisioned as a fully digital currency that supports a more efficient financial ecosystem.

The role and functions of the BSP were also discussed, particularly its mandate to issue currency, maintain price stability as its primary objective, and ensure financial stability among supervised institutions such as banks, pawnshops, and cooperative banks. Updates on the status of digital financial services were presented, highlighting the increasing adoption of digital payment systems.

Participants were introduced to various digital payment streams such as InstaPay and PesoNet, which provide efficient and reliable alternatives to traditional cash transactions. In addition, QR Ph and Bills Pay PH were discussed as platforms that enable safe, seamless, and convenient payments.

At the local level, the implementation of Paleng-QR PH was highlighted as an initiative encouraging public market vendors and transport operators to adopt QR-based payment systems, thereby improving transaction efficiency and reducing reliance on cash.

A significant portion of the seminar focused on cybersecurity awareness and risk management. The resource speaker emphasized key risks associated with digital financial services, including cybersecurity threats, third-party risks, and data privacy concerns. Common fraudulent schemes such as card-not-present fraud and phishing attacks were discussed to raise awareness among participants.

To mitigate these risks, participants were advised to observe proper cyber hygiene practices, such as avoiding the use of public Wi-Fi for financial transactions, safeguarding personal and financial information, verifying transaction details, and regularly monitoring account activity. They were also reminded to immediately report any suspicious or unauthorized transactions to their respective financial institutions, as prompt action is crucial in preventing financial loss.

Updates on relevant laws and regulations were likewise presented. The Financial Consumer Protection Act and BSP issuances, including BSP Circular No. 1160 (Financial Consumer Protection Regulation) and BSP Circular No. 1169 (Rules of Procedure for Consumer Assistance, Mediation, and Adjudication), were discussed to inform participants of their rights and the mechanisms available for dispute resolution.

Furthermore, under BSP Circular No. 1215, Series of 2025, financial institutions are authorized to temporarily hold disputed accounts for up to thirty (30) days when supported by evidence of fraudulent activity. This measure ensures that funds remain within the banking system while investigations are ongoing. The importance of Know Your Customer (KYC) policies was also emphasized to prevent illegal activities such as money mule schemes.

Participants were advised to coordinate directly with their banks in case of concerns, and, when necessary, seek assistance from law enforcement agencies such as the National Bureau of Investigation (NBI) for cases of national scope or the Philippine National Police (PNP) for local incidents.

Summary and Key Takeaways

The seminar highlighted the growing importance of digital financial services and their benefits in terms of convenience, efficiency, and accessibility. It also underscored the increasing preference for digital payments among users and the continuing efforts of the BSP to provide a sound regulatory environment that supports digital innovation.

Ultimately, the activity reinforced the need for responsible use of digital financial services. Participants were encouraged to remain vigilant, informed, and proactive in protecting themselves against fraud and scams, thereby maximizing the benefits of digital finance while ensuring financial security. // Atty. Ronalyn M. Torres