Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations
The Philippines has made an impressive progress in consumer protection in the banking sector, as shown by the wide range of laws and of regulatory instruments, their active use and enforcement, and by provision of complaint resolution services. The...
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC: World Bank
2017
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| Online Access: | http://documents.worldbank.org/curated/en/865361483700314769/Key-findings-and-recommendations http://hdl.handle.net/10986/25882 |
| Summary: | The Philippines has made an impressive
progress in consumer protection in the banking sector, as
shown by the wide range of laws and of regulatory
instruments, their active use and enforcement, and by
provision of complaint resolution services. The 2013 Global
Survey on Financial Consumer Protection indicated that the
Philippines compares well with the other economies and yet
there is space for further strengthening of the financial
consumer protection framework. In order to improve access to
financial services, their usage and quality, and further
deepen the financial sector, the Philippines has to design
and implement a sound financial consumer protection regime
with prudential regulation and supervision. This World
Bank’s Diagnostic Review was undertaken in response to a
request from the Bangko Sentral ng Philipinas (BSP). It
provides a detailed assessment of the consumer protection
framework in the banking sector, with a particular focus on
debit and credit products provided by BSP regulated banks.
The review addresses the following areas: 1. Institutional
Arrangements, 2. Legal and Regulatory Framework, 3.
Transparency and Disclosure, 4. Business Practices, 5.
Complaints Handling and Dispute Resolution Mechanisms, and
6. Consumer Awareness and Financial Literacy. Volume I
summarizes the key findings and recommendations and Volume
II provides comparison with the World Bank`s Good Practices
for Financial Consumer Protection. |
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