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Congress approves bill to regulate PH’s credit card industry




The Congress approved a new bill that appoints Bangko Sentral ng Pilipinas (BSP) to regulate the Philippines’ credit card industry and protect the cardholders against abusive practices, CNN Philippines reports.

credit-cards

Called the “Philippine Credit Card Industry Regulation Act”, it encompasses all credit card issuers, acquirers, and all transaction pertaining to credit cards. It will issue standards of operation to make sure everything is done under the right practices with no one being subjected to any unfair arrangements.

The BSP’s supervision shall include:



The issuance of rules of conduct or the establishment of standards of operation for uniform application to all institutions or functions covered, and the imposition of penalties in case of noncompliance
The conduct of examination as determined by the Monetary Board to determine compliance
Oversight to ascertain that laws and regulations are complied with

The BSP may also limit and prohibit the charging of annual membership fees for credit cards.

Anyone who violates the bill or any BSP-given laws, for that matter, will be faced with fines (from Php50,000 to Php200,000) or imprisonment (from 2-10 years). Additionally, it could also be both fine and imprisonment.

{CNN Philippines}

 



Kevin Bruce Francisco is the Senior Editor and Video Producer for YugaTech. He's a Digital Filmmaking graduate who's always either daydreaming of traveling or actually going places on his bike. Follow him on Twitter for more tech updates @kevincofrancis.

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7 Responses

  1. JAMES says:

    Too lousy fines. Imprisonment is definitely just a joke in all forms of crimes. Gawin pang lifetime yan wala rin. But the payment should be higher. That’s just a grain of the piece of cake for banks.

  2. Easy E says:

    Nice

  3. ross says:

    ayos atleast hindi na tayo mapipilt bumuli para ma waive lang ung annual fee, sayang dinkaya talaga.

  4. Bobohan lang says:

    Patawa naman yung fines n imprisonment.

    Who cares about the fines kung earning naman nila billions.

    Sino e kukulong nila? Yung CEO? call center agent? Duhhhhh!

    • Grammarcheck says:

      May saysay naman yung fines kung every violation is 50k. Mapipilitan silang i-ayos. Sa dami ng cardholders nila, malaki yung 50k each violation. Pero yung imprisonment wala talaga kwenta.

  5. just sayin says:

    Unless the President who only has 3 days in his term signs the bill, then this piece of news really mean nothing. This bill has to be refiled in Congress when it re-opens on July.

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