BSP to strengthen consumer protection

The Bangko Sentral ng Pilipinas (BSP) is further strengthening consumer protection measures as complaints breached the 30,000 level from January to September last year.

-  LAWRENCE AGCAOILI

BSP managing director Charina De Vera-Yap said the number of complaints received by the central bank during the nine-month period in 2023 reached 31,000, exceeding the number recorded in 2022.

“For 2023 we are still cleaning up the data. But through September, we have around 30,000 to 31,000 complaints,” De Vera-Yap said.

She pointed out that majority of the complaints received, from financial consumers are regarding e-money, but mostly on account management.

“They cannot access, they forget their passwords and how to access their accounts. So those are the types of complaints against e-money,” she said.