These compare with spreads of 2 to 4 percentage points in mature markets. The high regional spreads are a barometer of the continued inefficiency of the regional banking system, notwithstanding the march of financial integration.
Hence, the BSP issued guidelines on the Open Finance Framework which sets the governance and standards for the acquisition, use, and sharing of client data. These guidelines emphasize the need to safeguard customers’ interests in establishing an open finance ecosystem by setting forth the regulatory expectations on consumer protection, data privacy and confidentiality, user consent and dispute mechanisms, among others.