Monetary Board Approves IRR for Credit Card Law

Manila Bulletin, May 5, 2018 | Go to article overview

Monetary Board Approves IRR for Credit Card Law


By Lee C. Chipongian

The Bangko Sentral ng Pilipinas' (BSP) Monetary Board has approved the implementing rules and regulations (IRR) of the credit card law which will further open the market and enhance consumer protection mechanisms.

The central bank sees credit card loan growth from a consumption-driven economy. "There is further potential for expansion in light of the current economic growth, the country's demographics and the increasingly digital payment system. The recently approved rules aim to ensure that such growth in the credit card industry will be safe and sound, and one that protects."

The IRR is a framework for the entry of new players in the credit card business, not just the banks, their affiliates and subsidiaries, the BSP said in statement Friday. More players will encourage transparent and competitive interest rates, innovative products and improved services. "All credit card issuers are subject to standards of good governance, adequate risk management, and strong consumer protection mechanisms."

The BSP said the IRR will have a phased implementation for some provisions to allow for necessary adjustments in the systems and processes of existing credit card issuers. Currently there are eight million credit cards issued in the country.

The approved regulation details the transparent computing of charges and fees, and safeguards against unfair collection practices, immediate posting of payments, confidentiality of consumer data, and expeditious resolution of complaints and disputed transactions, among others, listed the BSP.

The Philippine Credit Card Industry Regulation Law or Republic Act No. …

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