Archive for the 'Banking' Category

No One can be Imprisoned for Non-Payment of Debt

Perhaps you’ve heard someone making threats to file criminal cases against debtors who fail to pay. Yet you’ve heard the statement that no one can be imprisoned simply because of a debt. This is a basic principle and we thought we already have a discussion on this topic. We indeed have such discussion but we […]

Liability of a Co-Maker: Distinguished from Guarantor

Maybe you’ve been asked by a friend to sign as a co-maker in a loan. You’re then asked to sign a promissory note or a debt instrument which designates you as a co-maker. There should be no problem with this, as the principal is usually someone we know and trust. I’ve seen, however, co-makers being […]

Primer on the Personal Equity and Retirement Account (PERA) Act

What is PERA? PERA stands for  “Personal Equity and Retirement Account ,” which refers to the voluntary retirement account established by and for the exclusive use and benefit of the Contributor for the purpose of being invested solely in PERA investment products in the Philippines. The Contributor shall retain the ownership, whether legal or beneficial, […]

Primer on the Credit Information System Act (RA 9510)

What is the policy behind the “Credit Information System Act”? This law, Republic Act No. 9510, is consistent with the need to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the […]

Credit Cards and Access Devices Regulation: Explained

What is the “Access Devices Regulation Act of 1998″? It is Republic Act No. 8484, which is an act regulating the issuance and use of access devices and prohibiting the fraudulent acts committed relative thereto, among others. By enacting this legislation, the State recognizes the recent advances in technology and the widespread use of access […]

The Truth in Lending Act explained

What is the “Truth in Lending Act”? It is Republic Act No. 3765, which is an act requiring the disclosure of finance charges in connection with the extension of credit. What is the policy behind the Truth in Lending Act? The declared policy behind the law is to protect the people from lack of awareness […]

Criminal Cases and Insolvency

I often come across debtors dropping the hint of filing, or actually filing, a case for insolvency or bankruptcy just to bring home the (alleged) point that they have nothing more to cough out. It is true that once a petition for insolvency is granted, the debtor-insolvent is discharged from all his existing debts. The […]

Credit cards and unfair collection practices

There are a number of good reasons in favor of having and using a credit card. Still, we all know the possible adverse results in the unchecked use of “plastics” or credit cards, such as this one: THERE’S a credit-card horror story that’s become some sort of an urban legend: A television personality, after losing […]

Task force to target credit card fraudsters

The PIA reports that the President issued Executive Order No. 573, creating an Anti-Fraud Task Force composed of the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) to strengthen Republic Act 8484, or the “Access Device Regulation Act of 1998″.

Consumer protection in electronic banking (e-banking), e-commerce

The Bangko Sentral ng Pilipinas (BSP) recently issued Circular No. 542, providing for consumer protection for electronic banking. The salient features of Circular No. 542 are: 1. With the growth of e-banking and e-commerce, banks should use reliable methods of originating new customer accounts, ensuring strict adherence to the usual “KYC” or “know your clients” […]




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