FSSI holds online forum on data privacy for CSOs and financial services

Amidst the economic challenges brought about by the COVID-19 pandemic, digitalization is seen as essential in ensuring the continuity of operations of businesses and organizations. However, the shift to digital transformation has also led to concerns over data privacy and cybersecurity. There is now a compelling need to consider data protection and maintain robust security systems especially in terms of data collection and retention. 

Following its webinar on the Digital Transformation Roadmap for Social Enterprises in late 2021, the Foundation for a Sustainable Society, Inc. (FSSI), hosted an online forum to discuss the Data Privacy Act of 2012 and its policy implications for financial services and civil society organizations (CSOs). 

The learning session, attended by around 70 representatives from CSOs and financial service institutions, was held on February 26, 2021. It was led by Atty. Benjieline Puzon of the Policy Review Division of the National Privacy Commission (NPC). Atty. Puzon is the Policy Adviser of the NPC for non-bank financial institutions, collaborating with various local and multi-national companies on the safe conduct of their businesses in connection with data privacy. 

“Information is the most valuable resource,” she shared. To protect the security of information, Republic Act No. 10173, known as the Data Privacy Act (DPA) of 2012, was enacted. The DPA aims to protect the “human right to privacy while ensuring the free flow of information to promote innovation and growth.” Its principal author, the late Senator Edgardo Angara, said that the mandatory protection of all personal information by data collectors – whether public or private – under the law will help truly usher in a knowledge-driven economy. Atty. Puzon adds that many businesses, such as online retailers, capitalize on information sharing, but without securing the integrity and confidentiality of data, the public would be hesitant to use online platforms to sell or buy. It is only when personal information is protected, and when it is not abused, that it can be beneficial to the economy. 

Visit our official YouTube channel to view the recording of the webinar in full. 

You may also read the highlights of the discussion here, and  browse other relevant learning materials through this link