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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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 |
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okr-10986-258822021-04-23T14:04:32Z Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations World Bank Group financial literacy financial consumer protection financial inclusion banking regulation legal framework access to finance 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. 2017-01-23T17:27:01Z 2017-01-23T17:27:01Z 2014-11 Report http://documents.worldbank.org/curated/en/865361483700314769/Key-findings-and-recommendations http://hdl.handle.net/10986/25882 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work East Asia and Pacific Philippines |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
financial literacy financial consumer protection financial inclusion banking regulation legal framework access to finance |
| spellingShingle |
financial literacy financial consumer protection financial inclusion banking regulation legal framework access to finance World Bank Group Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations |
| geographic_facet |
East Asia and Pacific Philippines |
| description |
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. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations |
| title_short |
Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations |
| title_full |
Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations |
| title_fullStr |
Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations |
| title_full_unstemmed |
Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector : Volume 1. Key Findings and Recommendations |
| title_sort |
republic of the philippines diagnostic review of consumer protection in the banking sector : volume 1. key findings and recommendations |
| publisher |
Washington, DC: World Bank |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/865361483700314769/Key-findings-and-recommendations http://hdl.handle.net/10986/25882 |
| _version_ |
1764460444361162752 |