OPINION | Bangko Sentral amends regulations on financial consumer protection By April Jane S. Sillada READ:
Amicus CuriaeThe Bangko Sentral ng Pilipinas , pursuant to the rulemaking authority vested in it by the recently enacted Financial Products and Services Consumer Protection Act , issued Circular No. 1160 Series of 2022 amending thenancial consumer protection regulations contained in the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions .
1. It permits the BSI to unilaterally determine whether the contract has been breached or imposes an unreasonable penalty for a breach of the contract.
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