Senate approves credit card reforms protecting credit card holders from excessive charges

The Senate approved on Monday the amended version of House Bill (HB) 5417, known as the ‘Act Regulating the Philippine Credit Card Industry.

BSP data showed that consumer complaints against credit cards companies had increased over the years, according to Senator Sergio Osmeña III, sponsor of the bill.


He said these include excessive charges, unauthorized fees, undisclosed charges, unfair collection and harassment practices by credit card collection agents.

Industry records showed that the number of active credit cards grew by 25.5 percent, from 6.584 million in 2009 to 8.268 million in 2014, Osmeña, chairman of the committee on banks, financial institutions, and currencies, said.

“There has been persistent clamor from the public for us legislators to take proactive action towards protecting the consumers from potential credit card excesses while nurturing the economic benefits from the same,” he said.

Collection Agencies visiting your home giving demand letters

I have Credit card debts and personal loans that have been defaulted because of loss of job during the 2008 recession.

I currently have job now but still not enough to pay them now.

In 2009, I started receiving phone calls from the bank or so they say, telling me to pay my total amount due or they will report me to the interpol and get arrested.

I was really worried during that time, thinking what will happen to my family if i get into jail, much worse is the embarrassment I'm getting since they are calling to my work and harassing my office mates.

Eskandalo, should you be afraid?

Kolektor: Huwag mo ng antayin na mapahiya ka. Pati Mga anak mo madadamay at mapapahiya din.

Collectors from collection agencies will often threaten you na iiskandalohin ka. Kaya ba nyang gawin yun?

Yes But,

Revised Penal Code
Article 200 - Grave Scandal

The penalties of arresto mayor and public censure shall be imposed upon any person who shall offend against decency or good customs by any highly scandalous conduct not expressly falling within any other article of this Code.

Oral defamation
every defamatory imputation is presumed to be malicious, even if it be true; if no good intention and justifiable motive for making it is shown.