Philippines: Financial Consumer Protection and Financial Literacy Diagnostic Review (2013)


The 2013 financial consumer protection diagnostic review was undertaken in response to a request from the Central Bank of the Philippines (Bangko Sentral ng Philipinas – BSP). There was a special focus on debit and credit products provided by BSP regulated banks. The review addressed the following areas relevant to the banking sector: 1. Institutional Arrangements, 2. Legal and Regulatory Framework, 3. Transparency and Disclosure, 4. Business Practices, 5. Complaints Handling and Dispute Resolution Mechanisms, and 6. Consumer Awareness and Financial Literacy.

Ros conducted the review while working as a Senior Financial Sector Specialist with the World Bank Group. The review was based on the version of the World Bank’s Good Practices on Financial Consumer Protection, current at the time.

Important financial consumer protection initiatives were undertaken by BSP around the time of the review and release of the report. They included the issue of BSP Regulation No. 857 on Financial Consumer Protection in November 2014. The regulation includes standards of conduct for regulated banks. A copy of this report is included below for reference.

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Project Resources

Philippines Diagnostic Review of Consumer Protection and Financial Literacy Volume I: Philippines CPFL Banking Diagnostic Review

Philippines Diagnostic Review of Consumer Protection and Financial Literacy Volume II: Philippines CPFL Banking Diagnostic Review

BSP Press Release April 14, 2015 WB Cites Regulatory Environment for Consumer Protection in the Philippine Banking System

BSP Regulation 857 Financial Consumer Protection released November 21, 2014