LKI position paper re Financial Consumer Protection Bill


 January 17, 2022

Senate Committee on Banks, Financial Institutions and Currencies,

Committee on Trade, Commerce and Entrepreneurship 

Re: Bills on Financial Consumer Protection

Sir /Madam:

We support the transformation of the Bangko Sentral Ng Pilipinas into a banking regulatory agency that  is proposed in the various bills to accept , evaluate and resolve consumer complaints.

In our experience in complaints handling  and resolution , the BSP simply accepts and acknowledges complaints but endorses to the concerned banks for appropriate action. The consumers have to wait longer with the concerned bank for action on the complaint.

The proposed bills will enable the BSP to resolve complaints. The bills clear the legal hurdle on BSP alleged limitation of powers under the Consumer Act, whose relevant provisions are to be repealed under the bills.

The bills will enable the BSP and the banking industry to develop reasonable guidelines in complaints handling and resolution including an online portal for dispute resolution. 

We welcome the enactment of the bills in the 18th Congress.

Thank you very much.

Very truly yours, 

Atty. Victorio Mario A. Dimagiba, AB, LLB, LLM


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