New Credit Card Rules Approved, Gives More Protections to Consumers

The Bangko Sentral ng Pilipinas (BSP) said Friday that the Monetary Board had approved the Implementing Rules and Regulations (IRR) for the Credit Card Industry Law or Republic Act 10870. The law is expected to give more protection to credit cards holders while requiring greater transparency from issuers.

In particular, the IRR will address concerns such as computing charges and fees, safeguards against unfair collection practices, immediate posting of payments, confidentiality of consumer data, and expeditious resolution of complaints and disputed transactions.

The BSP also mentioned that the IRR will strengthen data privacy provisions and will protect customer information from being shared to third parties without consent.

Source: CNN Philippines