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Congress approves bill to regulate PH’s credit card industry

June 27, 2016June 27, 2016 Kevin Bruce Francisco

The Congress approved a new bill that appoints Bangko Sentral ng Pilipinas (BSP) to regulate the Philippines’ credit card industry and protect the cardholders against abusive practices, CNN Philippines reports.

credit-cards

Called the “Philippine Credit Card Industry Regulation Act”, it encompasses all credit card issuers, acquirers, and all transaction pertaining to credit cards. It will issue standards of operation to make sure everything is done under the right practices with no one being subjected to any unfair arrangements.

The BSP’s supervision shall include:

The issuance of rules of conduct or the establishment of standards of operation for uniform application to all institutions or functions covered, and the imposition of penalties in case of noncompliance
The conduct of examination as determined by the Monetary Board to determine compliance
Oversight to ascertain that laws and regulations are complied with

The BSP may also limit and prohibit the charging of annual membership fees for credit cards.

Anyone who violates the bill or any BSP-given laws, for that matter, will be faced with fines (from Php50,000 to Php200,000) or imprisonment (from 2-10 years). Additionally, it could also be both fine and imprisonment.

{CNN Philippines}

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Congress approves bill to regulate PH’s credit card industry

June 27, 2016June 27, 2016 Kevin Bruce Francisco

credit-cards

The BSP’s supervision shall include:

The issuance of rules of conduct or the establishment of standards of operation for uniform application to all institutions or functions covered, and the imposition of penalties in case of noncompliance
The conduct of examination as determined by the Monetary Board to determine compliance
Oversight to ascertain that laws and regulations are complied with

The BSP may also limit and prohibit the charging of annual membership fees for credit cards.

{CNN Philippines}

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Pres. Aquino signs law that bans children from riding motorcycles

August 6, 2015August 6, 2015 Kevin Bruce Francisco Leave a comment

In an attempt to cut down injuries on road incidents, President Aquino signs a new law that prohibits small children from riding motorcycles. More details after the break.

The Republic Act 10666 basically prohibits anyone to drive a motorcycle with a child as a passenger on busy streets. According to the report made by Manila Bulletin, only children that could reach the foot rest comfortably and are able to wrap around and grasp the waist of the driver could ride along in a motorcycle, in addition to wearing a safety helmet. But, in certain emergency conditions where the child seeks immediate medical care, the new law won’t apply.

The Children’s Safety on Motorcycles Act of 2015 “imposed certain conditions on taking children aboard a motorcycle in public roads with speed limit of more than 60 kilometers per hour.”

As for the penalties, the first offense will be fined Php3,000 + 1 month suspension of driver’s license, second offense goes for Php5,000 + 1 month suspension of driver’s license, and Php10,000 with an automatic revocation of license should be asked from the offender on the third and following offenses.

Once the implementing rules and regulations get promulgated, there will be a campaign to inform the public about this law.

{Source}

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