SyCipLaw's Banking, Finance & Securities Department's Banking Bulletin for April 2023 features the latest issuances from theBangko Sentral ng Pilipinas(BSP or Central Bank of the Philippines), which includes the amendment of the miscellaneous rules on deposits and the issuance of rules on mediation and adjudication of financial consumer complaints:

BSP Amends Miscellaneous Rules On Deposits

On December 14, 2022, the BSP issued Circular No. 1163, series of 2022 and amended the miscellaneous rules on deposits under Section 276 of the Manual of Regulations for Banks (the "MORB"). The amendments aim to provide guidance on the handling of joint accounts, the conversion of "and/or" accounts into either "and" or "or" accounts, as well as the acceptability of electronic signatures and the Philippine Identification Card ("Phil-ID") as sufficient proof of identity.

BSP Issues Rules on Consumer Assistance and Mediation/Adjudication of Cases

On March 24, 2023, the BSP issued Circular No. 1169 providing for the Rules of Procedure for the Consumer Assistance Mechanism, Mediation and Adjudication of Cases in the BSP.

The Rules shall apply to all compaints filed after May 1, 2023 (the date on which the Rules became effective), provided that the cause or causes of action subject of the complaint accrued after June 3, 2022 (the date on which the Financial Products and Services Consumer Protection Act [the "FCPA"] took effect).

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