The Philippines had its fair share of financial fraud scandals. Only recently, in December 2021, one of the largest banks in the Philippines was hit by a cyber fraud attack by hackers who illegally transferred funds from the accounts of more than seven hundred of its clients. In 2019, an investment scam tricked around five million people to make “donations” with a promise of “blessings” equivalent to 30% of their donations to be paid out every month and for life. These recent challenges faced by Filipino financial consumers were the motivation behind the recently passed Financial Products and Services Consumer Protection Act (Republic Act No. 11765). Through this law, aggrieved financial consumers are now provided with what promises to be a faster way to recover their money. Instead of immediately resorting to the filing of a civil case in court and waiting for months to get a decision, they may now file an action with the Bangko Sentral ng Pilipinas (BSP) or the Securities and Exchange Commission (SEC). The law has given the BSP and the SEC the authority to adjudicate actions arising from or in connection with financial transactions that are purely civil in nature, and the claim or relief prayed for by the financial consumer is solely for payment or reimbursement of a sum of money not exceeding the amount of ten million pesos (P10,000,000.00). Recovery of the financial consumers’ money is also made faster by the fact that the decision of the BSP or the SEC has been declared by law to be final and executory, and the BSP or the SEC may order the payment or...