Customer complaints involving banking and other financial services filed with the Bangko Sentral ng Pilipinas have been on the rise in the past six years, a development that the BSP said has made consumer protection a vital branch of its regulatory function.
Documents from the financial and consumers affairs group (FCAG) of the central bank showed that complaints it received from the public rose year after year, jumping more than 20 times to 3,243 last year from only 158 in 2006.
The number of complaints filed with the BSP last year was also 40-percent higher than the 2,318 registered in 2010.
However, Johnny Noe Ravalo, managing director at the central bank, said 99 percent of the complaints it received since 2006 have been resolved.
The documents also showed that a significant portion of the complaints filed with the central bank were accounted for by those related to credit cards, loans and deposits. In 2011, for instance, about 80 percent of the complaints had to do with credit card, loan and deposit transactions.
Ravalo said complaints related with credit cards and loans included impolite collection practices by bank collectors and unclear or excessive interest charges. On bank deposits, complaints included difficulty in withdrawal of money.
On the common complaint of improper practices of banks—or their outsourcing firms—in relation to collection of payment for credit-card debts and other bank loans, Ravalo said the public must be aware of regulatory developments on these to better protect themselves.
Practices such as phone calls made by collectors during inappropriate hours—which are between 10 p.m. and 8 a.m.—and disclosure of details of debts of a client to an individual who answered the phone are prohibited.
Ravalo was quick to point out that the rise in the number of complaints filed with the BSP during the past six years did not necessarily mean a deterioration in the quality of services of banks and other financial institutions. He said the increase was more due to improved public awareness of consumer rights following the campaigns of the BSP.