Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector

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.

Bibliographic Details

Main Author:	World Bank Group
Format:	Report biblioteca
Language:	English en_US
Published:	Washington, DC: World Bank 2014-11
Subjects:	financial literacy, financial consumer protection, financial inclusion, banking, regulation, legal framework, access to finance,
Online Access:	http://documents.worldbank.org/curated/en/865361483700314769/Key-findings-and-recommendations https://hdl.handle.net/10986/25882
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