Financial Crime World

Identity Theft Protection Bill Introduced in Philippines

A new bill aimed at protecting the right to privacy and preventing identity theft has been introduced in the Philippine Senate.

Background


The “Personal Data Protection Act of 2007” seeks to penalize identity theft and make it compulsory for all individuals and entities to put in place reasonable security measures to prevent breaches of personal information. The bill was introduced by Senator Loren Legarda, who cited the lack of safeguards to protect personal privacy as a major concern.

Key Provisions


  • Individuals and entities that own or license databases containing sensitive personal information must develop and implement reasonable security measures to ensure the confidentiality and integrity of such information.
  • Notification in the event of a breach of security, which could compromise personal information, is required. Individuals whose data has been compromised must be informed promptly without unnecessary delay.
  • Violations of the law will be punished with imprisonment or fines ranging from P100,000 to P500,000 or both.

Rationale


The Philippines is not immune to identity theft and other forms of cybercrime. The country has seen a rise in such cases in recent years, resulting in financial losses and damage to reputation. The bill aims to address these concerns by providing stronger legal frameworks to protect personal data and prevent identity theft.

Implications


The passage of the bill is expected to have far-reaching implications for individuals and businesses alike, requiring them to take concrete steps to safeguard personal information.

Next Steps


The bill is now pending before the Senate Committee on Justice and Human Rights for further review and debate. With its potential to impact both individuals and businesses, it will be important to monitor the progress of this bill as it moves forward in the legislative process.