Central bank reports 62% increase in consumer complaints in 2024

THE BANGKO SENTRAL ng Pilipinas (BSP) processed 62.4% more financial consumer complaints in 2024 compared to the previous year.

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"Our office receives different kinds of consumer complaints and as of 2024, that’s our latest available data, we received around 70,000 complaints. But out of those 70,000 complaints, we only have around 30% which are on unauthorized transactions," BSP Consumer Complaints Resolution Office Director Janice G. Ayson-Zales said.

This is higher than the 43,115 complaints recorded in 2023.

Less than half or 41% of the cases brought to the BSP in 2024 were resolved in favor of the complaints, the official said.

Ms. Ayson-Zales noted that financial institutions are usually the first level of recourse for consumer complaints, which means some concerns do not reach the central bank.

"For mediation cases, in 2023, we had 322 cases with a 69% success rate. For 2024, we had 703 at an 83% success rate. As of May 2025, we already have 400 mediation cases in our office, so as you will see, complaints being filed with the BSP are really rising," BSP Financial Inclusion and Consumer Empowerment Sub-Sector Managing Director Charina B. De Vera-Yap said.

BSP Deputy Governor Elmore O. Capule added that these were resolved in favor of consumers.