DAVAO CITY – The Bangko Sentral ng Pilipinas-Mindanao, in collaboration with the Philippine Information Agency-11, convened media practitioners in an information session to enhance industry awareness on financial consumer protection on March 21.

THE Bangko Sentral ng Pilipinas-Mindanao conducted a media information session in Davao City on March 21 led by (from left) Noelle Angela W. Pamaran, bank officer and regional economic affairs staff of the BSP-Mindanao, and keynote speakers Carlos Manuel S. Prado, senior resolution officer of the BSP Consumer Complaints Resolution Office; Rochelle D. Tomas, acting director of the BSP Consumer Protection and Market Conduct Office;  Danilo L. Natividad Jr., deputy director of the BSP Consumer Complaints Resolution Office, and Jason P. Capocao, deputy director of the BSP-Mindanao. (Ivy Tejano)

The event focused on Republic Act (RA) 11765 or the Financial Products and Services Consumer Protection Act which established measures to protect the rights of consumers of financial products and services and aimed to reduce the information gap.

RA 11765 requires the government to protect financial consumers rights, ensuring fair treatment, transparent information about financial products, safeguarding assets, maintaining data privacy, and resolving complaints promptly.

BSP-Mindanao Deputy Director Jason P. Capocao said they aim to generate greater industry awareness and deliver a deeper understanding of the BSP’s initiative on financial consumer protection, a crucial part of its economic inclusion and literacy agenda.

Capocao said that, as embodied in RA 11211 or the New Central Bank Act, the subjects of the session were building blocks to promote broad and suitable access to high-quality financial services and considered the general public interest.

Rochelle Tomas, acting director of the Consumer Protection and Market Conduct Office, gave an overview of the Financial Consumer Protection Act and its implementing rules and regulations, including the BSP Consumer Assistance Mechanism that caters to consumers’ financial concerns.

Consumer Complaints Resolution Office Deputy Director Danilo Natividad Jr. talked about the mediation process in responding to financial products and services, consumer concerns about financial products and services, and expounded on the BSP consumer redress process flow.

In the last phase in responding to financial products and services consumer concerns, Consumer Complaints Resolution Office Senior Resolution Officer Carlos Manuel Prado illustrated the adjudication of consumer complaints, including the flow of the proceedings and the BSP’s power.

Capocao said that based on last year's records, BSP-Mindanao received more than 100 queries and complaints encompassing various concerns such as fraudulent transactions, unauthorized financial activities, including scams, interest rates, and polymer banknotes.

“Many of these concerns stem from consumers’ lack of knowledge and understanding,” Capocao said, adding that consumers can resolve these issues through effective communication with their financial institutions and other regulating bodies like the Securities and Exchange Commission.

As financial consumer protection is a shared responsibility, Capocao said the session is an opportunity to strengthen connective commitment with the media to disseminate information, foster understanding, and empower citizens to become financially literate and responsible.

He added that as the BSP champions becoming a guardian of monetary and financial stability, they intend to forge more partnerships with the public and private stakeholders and promulgate strategic policies and regulations to provide adequate consumer protection and education.

“We want to ensure that the BSP and our supervised financial institutions will continue to provide responsive and responsible financial products and services. With partnerships, we are confident that we will continue to bridge financial inclusions and information gaps,” Capocao said.

Capocao thanked participants and said the BSP is blessed to have media partners committed to helping them pursue their mandates and advocacies in the country’s service. He hopes that this partnership will continue to develop and deepen for the benefit of people.