SINCE the effectivity of the Financial Consumer Protection Act (Republic Act 11765) in June 2022, the Bangko Sentral ng Pilipinas (BSP) has logged more than 40,000 complaints from customers of different BSP-supervised financial institutions from all over the Philippines. Of this number, only around 5 percent come from Mindanao, implying the Mindanaoans' unawareness of the law.
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The Bangko Sentral ng Pilipinas on Monday said it received more than 42,000 consumer complaints on financial transactions, including unauthorized fund transfers, during the pandemic.
The Bangko Sentral ng Pilipinas (BSP) is reminding all banks and non-banks to strictly practice fair treatment in setting terms and conditions applied to depositors and clients to ensure consumer protection rights are upheld and respected at all times. In a memo (Memorandum No. M-2021-069) to BS