BSP: Passage of FCPA, PDIC amendments to reinforce trust in financial system

The Bangko Sentral ng Pilipinas (BSP) commends the Philippine Congress for the passage of the Financial Consumer Protection Act (FCPA) and the amendments to the Philippine Deposit Insurance Corporation (PDIC) charter.

“The two measures, which are key components of the BSP’s legislative agenda, will promote consumer welfare and reinforce public trust and confidence in the Philippine financial system,” said BSP Governor Benjamin E. Diokno.

Certified urgent by President Rodrigo Roa Duterte, the FCPA aims to strengthen protection for financial consumers against cybercrime, especially amid the pandemic. The FCPA will also enable financial regulators to better address consumer complaints and enforce sanctions against erring entities.

Meanwhile, the proposed amendments to the PDIC charter, which makes the state deposit insurer an attached agency of the BSP instead of the Department of Finance, is expected to streamline the regulatory framework of the financial sector and strengthen the country’s financial system.

Both bills will be enrolled and transmitted to Malacañang for the President’s signature.