BSP bats for financial consumer protection bill

The Bangko Sentral ng Pilipinas (BSP) on Thursday emphasized the importance of the proposed Financial Consumer Protection Act (FCPA), which its chief says offers significant benefits to Filipinos amid the surge in electronic transactions in the country.

During a virtual briefing, BSP Governor Benjamin Diokno told reporters the measure covered all financial products and services offered by any financial institution. These include savings; credit; insurance; products offered by health maintenance organizations; investments; remittance; and digital financial products or services.