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.
