Brian Raymund Yamsuan, a representative of the Bicol Saro party, has initiated a legislative effort to combat the surge in online scams within the Philippines. He has introduced House Bill 9888, which focuses on bolstering financial literacy among the workforce. This initiative follows disturbing statistics that revealed more than 8,000 reported cases of online fraud and financial losses surpassing P155 million.
Strengthening Financial Awareness to Combat Online Deception
Amidst an escalating trend of online deception, Yamsuan stresses the importance of enhancing financial education to shield citizens from potential scams. House Bill 9888 proposes that the Department of Labor and Employment, in collaboration with the Department of Trade and Industry and Bangko Sentral ng Pilipinas, implement robust financial literacy programs. The bill’s objective is to extensively distribute educational materials in various languages, aiming to empower Filipinos and fortify the economic landscape.
Disturbing Trends in Online Fraud
The Philippine National Police-Anti-Cybercrime Group noted a worrying increase in online fraud incidents, with substantial financial losses reported in the previous year. The widespread adoption of online platforms for transactions has heightened exposure to fraud risks. Furthermore, a 2021 study by Bangko Sentral ng Pilipinas highlighted a critical gap in financial literacy, with only a small fraction of the population demonstrating comprehensive financial understanding.
Fortifying Workers’ Financial Competence
With the introduction of House Bill 9888, the aim is to elevate the financial literacy of Filipino workers, equipping them with essential knowledge on economic principles and investment opportunities. The legislation promotes the development of detailed financial education programs that are accessible and tailored to diverse linguistic and educational needs. Representative Yamsuan is committed to this initiative, expressing that enhancing financial education is crucial for protecting earnings and improving national economic health.
The proposal of House Bill 9888 is a strategic move towards improving financial literacy among Filipinos as a countermeasure against the increasing threat of online scams. By fostering a better-informed populace through tailored educational programs, the bill seeks to provide the necessary tools for individuals to secure their financial future and contribute to a stable economic environment.