BSP urged to bolster efforts to resolve borrowers’ complaints

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) should intensify its efforts to protect depositors and borrowers and adopt a more transparent policy in resolving their complaints, Senator Grace Poe said Friday.

Poe made the remark in reference to numerous complaints of violations of Bayanihan 1 and 2, which should have provided borrowers a grace period of 60 days in paying loans without interest and penalty.

“We expect the BSP to do more to protect depositors and borrowers who are barely surviving at this time of pandemic,” Poe said in a statement.

The senator said the BSP earlier reported it had received some 23,000 complaints last year, a significant portion of which were related to credit card billings, including concerns on the implementation of the mandatory grace period.

“Last year was tough for all. The grace period provided for in Bayanihan 1 and 2 was meant to ease the burden on our people,” Poe said.

According to Poe, BSP said that aside from the concerns on the mandatory grace period for loans, consumers also raised issues on credit card fraud, and unauthorized transactions.

There were also reports of problems with withdrawing their subsidy, or the social amelioration funds, from remittance companies last year, said Poe.

“We understand that it is a difficult time for banks as they, too, have taken a hit. But our people also expect our banks and financial institutions to serve and look after the needs and concerns of our citizens and small businesses, especially those hardest hit by the pandemic,” Poe said.

“The BSP must look beyond the penalties and fines it slaps on banks and compel them to make it right for depositors and borrowers. Ultimately, the BSP’s policies and actions must benefit the people and not just on a macro-level,” she said. – (Liezelle Soriano Roy, trainee)

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