NextGen Day

In an effort to combat the spread of cybercrime, a House panel has recommended for plenary consideration a bill that will govern the use of bank accounts and e-wallets in online transactions.

House Bill No. 9615, filed by the panel chair and Quirino Rep. Junie Cua, HB 10141, filed by Camarines Sur Rep. LRay Villafuerte, and HB 10412, filed by Magdalo party-list Rep. Manuel Cabochan III, has been accepted in principle by the committee on banks and financial intermediaries.

This means the bill will be considered when the chamber reconvenes after the Christmas break next week.

Cua emphasized the significance of the legislation, citing the exponential expansion of electronic financial transactions as well as the rise in cybercrime that has targeted depositors and institutions.

The panel discussed the proposed revisions to the law by the Bangko Sentral ng Pilipinas (BSP) and the Philippine National Police (PNP) during a hearing last Thursday.

The BSP proposed changing the bill’s title to “An Act Regulating the Use of Bank Accounts, E-Wallets, and Other Financial Accounts;” adding a definition for “E-wallet;” redefinition of “money mule;” and removing the term “phishing” from all references to phishing in the bill and replacing it with the term “social engineering scheme.”

Melchor Plabasan, director of the BSP’s technology risk and innovation supervision section, told lawmakers that the amendments were made to make the bill clearer and more consistent with other regulations and laws.

The PNP, on the other hand, proposed including a provision that states that “if the same is committed by, and through, the acts as defined under Section 4 of this Act, a penalty of one degree higher than that provided for by the Revised Penal Code, as amended, and special laws, as the case may be, shall be imposed.” The panel also discussed the tremendous bottleneck that the PNP and the Department of Justice are experiencing in prosecuting the issue of obtaining information from banks, which Cua stated would be handled by the BSP.

Cua also stated that the bill will address law enforcement’s difficulty in obtaining a court warrant. He promised, “We will address that by changing the language of this measure.”

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