More financial complaints lodged at BSP

Consumer complaints filed With the Bangko Sentral ng Pilipinas (BSP), consumer complaints filed jumped by 62 percent to around 70,000 last year from the previous year's 43,115, as more Filipinos become aware of their rights under the Anti-Financial Account Scamming Act (AFASA).

- By KEISHA TA-ASAN

BSP managing director Charina de Vera-Yap said that out of the 70,000 complaints received last year, only 13 percent involved unauthorized transactions often linked to phishing and other scam activities.

"Maybe this year or next year, we will be able to provide more details on AFASA-related complaints," Yap said in a press briefing.

"We saw an increase in complaints because more people are becoming aware of their rights and they know they have this redress mechanism with the BSP or even with their financial institution," she said.

While the BSP does not want complaint numbers to rise, she noted that it is a natural outcome of having a "pro-consumer" law like AFASA.

"When people hear that this law can protect them, we assume that more will come forward to seek redress," Yap said.