Know your rights as a financial consumer in the Philippines
You have the right to fair and honest dealing from all BSP-supervised financial institutions. This includes transparent pricing, clear terms and conditions, and non-discriminatory practices.
Financial institutions must provide clear, complete, and timely information about their products and services, including fees, charges, terms, and conditions.
Your personal and financial information must be kept confidential and secure. Banks can only share your information with your consent or as required by law.
You have the right to file complaints and seek resolution for any issues with financial products or services through proper channels.
The Bangko Sentral ng Pilipinas supervises and regulates the following institutions to ensure they comply with consumer protection standards:
First, file your complaint directly with the financial institution involved. They are required to respond within 15 banking days.
If unsatisfied with the institution's response, you can escalate to BSP:
BSP limits credit card interest rates and fees. Banks must clearly disclose all charges before card issuance.
Banks must follow responsible lending practices and provide clear loan terms and amortization schedules.
PDIC insures deposits up to ₱500,000 per depositor per bank. This protects your savings and checking accounts.
Digital banks and e-wallet providers must follow BSP cybersecurity guidelines and consumer protection standards.
Contact BSP's Financial Consumer Protection Department
📞 Hotline: (02) 8708-7087
📧 Email: consumeraffairs@bsp.gov.ph