Philippines – BSP Issues Consumer Protection Standards For Digital Payments.
On 1 June 2024, the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “BSP“) issued Circular No. 1195, Series of 2024 (“Circular 1195“) setting out the Consumer Redress Mechanism Standards for Account-to-Account Electronic Fund Transfers under the National Retail Payment System Framework. Pursuant to this circular, a new section (Part Eleven on “End-User Protection”) will be created in the BSP’s Manual of Regulations for Payment Systems (“MORPS“).
Circular 1195 is of particular importance given the increased popularity and widening adoption of digital payment services in the Philippines. In issuing Circular 1195, the BSP has recognized the need to ensure that BSP-supervised institutions (“BSIs“) that offer electronic fund transfers (“EFTs“) through their participation in automated clearing houses (“ACH“) provide appropriate and timely consumer recourse mechanisms on issues lodged by consumers.
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