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Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
Nineteenth Congress 
First Regular Session 
House Bill No. _______ 
Introduced by REP. JOEY SARTE SALCEDA 
AN ACT 
TO DEVELOP THE FINANCIAL TECHNOLOGY INDUSTRY 
IN THE PHILIPPINES, AND FOR OTHER PURPOSES 
EXPLANATORY NOTE 
Asia’s financial sector is experiencing a massive redrawing, due to significant political and 
economic developments. Some of the most notable of these developments include the 
accelerated shift to the digital economy due to COVID-19, regulatory risks in key centers of 
financial technology development, and the saturation of financial technology markets and the 
emergence of new markets for innovative financial products such as the Philippines. 
With a more robust identification system following the implementation of the National 
Identification System, as well as significant internet use in the country (as much as 10 hours a 
day for the average Filipino internet user), the Philippines is a “blue ocean” for financial 
technology enterprises seeking new markets. There are also as many as 74 million smartphone 
users in the Philippines, a promising statistic for financial technology enterprises seeking to 
establish a presence in the country. 
The presence of a strong and thriving financial technology sector in the Philippines aligns with 
our national development goals. Financial technology enterprises develop technologies and 
innovation that aim to compete with or complement traditional financial methods in the 
delivery of financial services. Because their costs tend to be cheaper and their operations more 
optimized, they are also potent exponents of financial inclusion. 
A thriving financial technology sector would also create high-quality jobs for Filipinos. 
Financial technology enterprises require highly specialized skills in data management and 
analysis, technology development, process optimization, among others. Filipino worker 
interface with financial technology firms would help develop new skills among our labor force, 
which, in turn, would help make the country and its workers better prepared for a more digital 
global economy. 
With regulatory risks as well as market saturation in traditional financial technology centers 
like Hong Kong and Singapore, the Philippines stands to benefit from promoting its potential 
as a market and location for financial technology enterprises.  
July 1, 2022 
8:00 am
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To realize the country’s potential as a financial technology center, this bill contains the 
following provisions: 
1. Creation of a Financial Technology Office (FTO) in the Bangko Sentral ng Pilipinas
(BSP) to promote the financial technology industry;
2. Mandate to the FTO to form a Financial Technology Industry Roadmap;
3. Extension of the eligibility for a Special Investors Resident Visa (SIRV) to financial
technology investors and management staff, regardless of investment size, provided
that they are given a recommendation by the BSP Governor;
4. Inclusion of the financial technology industry in the Investment Priorities Plan (IPP),
for ten years; and
5. Annual review of policies and infrastructure for data management and security, to
ensure that the country’s infrastructure and policies are compatible with basic standards
for the development of a sophisticated financial technology sector.
With these provisions, the bill aims to: 
(a) Develop a thriving financial technology sector in the country, and attract skills, talent,
capital, and technology from presently leading centers for financial technology
enterprises;
(b) Help attain greater financial inclusion by encouraging the use of financial technology
in offering fairer, more equitable, and more accessible financial products across a
broader segment of the population;
(c) Facilitate the transfer of knowledge and skills from leading and promising financial
technology enterprises to the Filipino labor force;
(d) Maximize the economic benefits of the shift to the digital economy; and
(e) Enhance the country’s competitiveness in areas of innovation, technological
development, and digital readiness.
In view of the foregoing, the approval of this bill is urgently sought. 
JOEY SARTE SALCEDA 


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Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
Nineteenth Congress 
First Regular Session 
House Bill No. ________ 
Introduced by REP. JOEY SARTE SALCEDA 
AN ACT 
TO DEVELOP THE FINANCIAL TECHNOLOGY INDUSTRY 
IN THE PHILIPPINES, AND FOR OTHER PURPOSES 
Be it enacted by the Senate and House of Representatives of the Philippines in Congress 
assembled: 
SECTION 1. Short title. This Act shall also be known as the “Financial Technology 
Industry Development Act of 2022.”  
SEC. 2. Objectives. – The financial technology sector is an emerging global industry 
whose potentials align with the country’s national development objectives, particularly in the 
areas of financial inclusion, innovation, technological development, and readiness for and 
resiliency in the digital economy. In view of this alignment, this Act aims to: 
(a) Develop a thriving financial technology sector in the country, and attract skills,
talent, capital, and technology from presently leading centers for financial
technology enterprises;
(b) Help attain greater financial inclusion by encouraging the use of financial
technology in offering fairer, more equitable, and more accessible financial
products across a broader segment of the population;
(c) Facilitate the transfer of knowledge and skills from leading and promising financial
technology enterprises to the Filipino labor force;
(d) Maximize the economic benefits of the shift to the digital economy; and
(e) Enhance the country’s competitiveness in areas of innovation, technological
development, and digital readiness.
SEC. 3. Definition of terms. – For purposes of this Act, 
(a) “Financial technology” shall refer to technology and innovation that aims to
compete with or complement traditional financial methods in the delivery of
financial services;
(b) “Financial technology industry” shall refer to the emerging industry that employs
financial technology to optimize activities in finance;
(c) “Regulatory sandboxing” shall refer to the establishment and maintenance of
frameworks by a regulator that allows financial technology enterprises and other
innovators to conduct live experiments in a controlled environment under close
Bangko Sentral ng Pilipinas supervision.
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SEC. 4. Financial Technology Industry Promotion. – There shall be established within 
the Bangko Sentral ng Pilipinas (BSP) a Financial Technology Office (FTO), which shall 
perform the following functions and powers: 
(a) Recommend policies for the development and regulation of the financial technology 
sector, to the Governor and the Monetary Board; 
(b) Develop a regular Financial Technology Industry Roadmap, which shall serve as 
the basis for policymaking on the sector, and which shall be submitted to Congress; 
(c) Establish mechanisms for regulatory sandboxing for new financial technology 
enterprises; 
(d) Promote the Philippines as a location for financial technology firms; 
(e) Endorse to the Governor the issuance of a recommendation for Special Investors 
Resident Visa (SIRV) pursuant to Section 5 of this Act to investors in critically-
needed financial technology enterprises, and facilitate the endorsement of a duly-
issued Governor’s Recommendation to the Board of Investments (BOI); 
(f) Recommend policies and programs for financial technology development, 
including knowledge transfer to Filipino workers, to the Congress and to 
government agencies and instrumentalities other than the BSP; 
(g) Encourage financial technology firms to undertake financial inclusion initiatives; 
(h) Develop programs to assist financial technology enterprises with technologies, 
investments, and other qualities that would be useful in national development; and 
(i) Perform such other roles and functions as may be designated by the Governor and/or 
the Monetary Board. 
 
The BSP shall issue the rules and regulations, including the organizational mechanisms 
and personnel arrangements and specifications, necessary for the full and effective 
implementation of this Section. 
 
 
SEC. 5. Special Investors Resident Visa (SIRV) for Financial Technology Investors. – 
Article 74 of Executive Order No. 226 is hereby amended to read as follows: 
 
Article 74. Qualifications. Any alien who possesses the following qualifications 
may be issued a Special Investors Resident Visa. 
1. He had not been convicted of a crime involving moral turpitude; 
2. He is not afflicted with any loathsome, dangerous, or contagious disease; 
3. He has not been institutionalized for any mental disorder or disability;  
4. He is willing and able to invest the amount of at least US$75,000.00 in 
the Philippines; Provided, That the foregoing invested amount shall be 
lowered to US$50,000 for aliens availing of Executive Order No. 63 and 
Executive Order No. 1037 subject to the conditions imposed by said 
legislations: Provided, further, That for purposes of compliance with this 
particular condition, the alien-applicant should prove that he has remitted 
such amount in acceptable foreign currency to the Philippines: 
PROVIDED, FINALLY, THAT THE FOREGOING CONDITION 
MAY BE WAIVED UPON THE RECOMMENDATION OF THE 
GOVERNOR OF THE BSP, FOR QUALIFIED INVESTORS IN 
THE FINANCIAL TECHNOLOGY INDUSTRY.  
 
 
SEC. 6. Conditions for the issuance of Governor’s Recommendation for the Issuance 
of SIRV. – The Governor shall issue a recommendation for an SIRV for Financial Technology 
Investors once the following qualifications are satisfied: 


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(a) The applicant is determined to be applying for a recommendation in good faith; 
(b) The applicant and the investment in which the applicant is an investor, or a manager 
does not pose risks to the strength and stability of the financial system; and 
(c) The investment in which the applicant is an investor, or a manager will be uniquely 
beneficial to the economy and to the country’s development objectives. 
 
The Governor may impose other conditions for the issuance of a recommendation for 
an SIRV. The BSP, in consultation with the BOI, shall issue the rules and regulations necessary 
for the implementation of this Section. 
 
 
SEC. 7. Inclusion in priority areas for investment. – The financial technology sector 
shall be included in the Investment Priorities Plan (IPP) and its successor plans for ten (10) 
years upon the effectivity of this Act. As a priority sector, the financial technology sector shall 
qualify for investment incentives and other benefits applicable to sectors included in the IPP 
and its successor plans. Provided, that nothing in this Act shall be construed as to prevent the 
financial technology sector’s inclusion in the IPP beyond the ten (10) years mandated under 
this Act. 
 
The BSP and the BOI shall issue the rules and regulations necessary for the 
implementation of this Section. 
 
 
SEC. 8. Regulatory and enabling environment. – The Department of Information and 
Communication Technology (DICT) and the BSP shall conduct an annual review of the 
country’s data security laws and capabilities pertaining to financial technology, to ensure that 
the government shall not excessively and unduly regulate data storage, transfer, and security 
among financial technology enterprises, and to ensure that the country’s data infrastructure 
meets the minimum standards required to develop a sophisticated financial technology sector. 
The annual review shall be submitted to Congress on or before the thirtieth day of June of each 
year.  
 
 
SEC. 9. Implementing Rules and Regulations. – Unless otherwise stated, the BSP shall 
issue the rules and regulations necessary for the implementation of this Act, within thirty (30) 
days upon its effectivity. 
 
SEC. 10. Separability Clause. – If any part or provision of this Act is held invalid or 
unconstitutional, the remaining parts or provisions not affected shall remain in full force and 
effect. 
 
SEC. 11. Repealing Clause. – All laws, decrees, orders, rules, and regulations 
inconsistent with the provisions of this Decree are hereby repealed or modified accordingly. 
 
SEC. 12. Effectivity. – This Act shall take effect fifteen (15) days after its publication 
in the Official Gazette or in any newspaper of general circulation. 
 
Approved,