BSP lauds approval of key reform measures

Lawrence Agcaoili – The Philippine Superstar

February 4, 2022 | 12: 00am

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said more complaints in opposition to banks and financial institutions would be resolved promptly in favor of customers after Congress ratified two landmark legislations.

In his weekly digital press conference, BSP Governor Benjamin Diokno said every the Monetary User Protection (FCP) Act and amendments to the constitution of the tell-breeze Philippine Deposit Insurance coverage Corp. (PDIC) would be enrolled and transmitted to Malacañang for the signature of President Duterte.

Diokno said the FCP Act addresses the restricted upright authority of the BSP to adjudicate complaints filed by consumers.

“The FCP Act will plan obvious that the BSP now has upright authority to conduct summary hearings on claims for payments or required reimbursements to aggrieved consumers,” Diokno said.

In 2020, info confirmed about 56 percent of the whole 23,275 complaints filed with the central bank’s person aid mechanism and BSP Online Buddy (BOB) bag been resolved in favor of customers.

About 35 percent of the whole bag been deemed acted upon by the enthusiastic BSP supervised financial institutions (BSFIs), however the resolutions bag been no longer shared with the regulator.

Diokno said the BSP is light assessing the region of the 9,181 fresh complaints filed in 2021.

In step with the BSP chief, the PDIC Structure amendments would toughen cooperation between PDIC and BSP to the coolest thing about depositors.

The revision positioned PDIC as an hooked up agency of the central bank as an different of the Division of Finance (DOF).

Diokno earlier urged individuals of the Senate committee on banks, financial institutions, and currencies that financial losses primarily primarily based mostly on complaints filed with the central bank amounted to P2 billion between 2019 and 2021.

For 2021 by myself, Diokno said the declared portions within the complaints obtained reached P540 million.

At some point soon of the head of the pandemic in 2020 and 2021, a filled with 42,456 complaints bag been elevated to the BSP User Support Mechanism.

Diokno said hacking and varied malware attacks surged by a whopping 2,324 percent in 2020 from 2019, while phishing and varied social engineering schemes increased by 302 percent.

Furthermore, the central bank continues to promote the gleaming medication of financial consumers as section of its commitment to offer protection to person welfare and toughen public self belief within the financial machine.

It lately issued memorandum 2021-069 to remind BSFIs to uphold gleaming medication of financial consumers below the BSP’s FCP Framework.

Under the FCP framework, BSFIs must treat purchasers moderately, honestly, and professionally at all stages of their relationship, and provide certain buyer experiences.

“Practices that discriminate or resolve advantage of purchasers, at the side of inclined groups admire low-income earners or folks with disability, are contrary to this traditional,” Diokno said.