Hello, BSP

“Banks in the Philippines have grown so big that they forget the basic need for communication with their clients.

“Considering that the BSP has been campaigning for financial literacy, the inability to communicate with those seeking its protection is unforgivable.

For more than a year now, broadcaster and fast-rising entrepreneur Anthony Taberna has been knocking on the door of the Bangko Sentral ng Pilipinas to find a resolution to a collusion relative to the P15.38 million robbed from him.

Taberna’s crucible is what confronts most Filipinos saddled with a dispute involving the formidable banks.

He has been pressing the BSP to act on an administrative complaint against EastWest Bank and for the bank to take action against its bank manager Gualberto Baluyut.

Based on Taberna’s narration, EastWest did not exercise the care that is expected of it which resulted in the siphoning of his business capital in a series of unauthorized fund transfers between August 2018 and November 2020.

The radio and television personality filed an administrative complaint against the bank with the BSP’s Consumer Protection and Market Conduct Office. Since the submission of Taberna’s complaint, the

BSP has not communicated with him.

BSP’s silence made him wonder if the central bank office is even attending to his plea.

The journalist said he can imagine the ordeal of those who lack the time and means to run after powerful institutions such as the financial giants.

EastWest Bank refused to owe responsibility for the incident that appears to have been caused by either the negligence, if not collusion, of one of its employees with the perpetrator of the theft.

It is not even Taberna’s immediate concern that the case is resolved in his favor but for the regulator’s office to periodically update him on the development of his case.

Ka Tunying, as he is fondly addressed in his radio and television shows, even had to reach out to his colleagues in the media industry to prod a response from the BSP but to no avail.

It would not take much for the BSP, for instance, to notify the anxious complainant that it can’t attend to his problem since it is putting full attention to grander things.

Considering that the BSP has been campaigning for financial literacy, the inability to communicate with those seeking its protection is unforgivable.

Depositors go to banks based on the goodwill or the belief that their well-earned money is kept safe.

The Financial Products and Services Consumer Protection Act signed by former President Rodrigo Duterte requires regulators like Bangko Sentral ng Pilipinas to be proactive in resolving depositors’ troubles. Some 40,000 complaints from financial consumers are pending with the BSP.

Banks in the Philippines have grown so big that they forget the basic need for communication with their clients.

During the pandemic, banks reaped gains as people and businesses resorted to borrowings to live through the crisis. Thus, banks are among the few institutions that kept their profit streak during the global scare.

It is the responsibility of the BSP to remind banks of their accountability to depositors.

Taberna said he continues to hold out hope for a just resolution of his case against EastWest Bank which is a mere echoing of the desire of many others in a similar fix.

BSP and banks are seen by many as unreachable in an ivory tower, to which they have little recourse when friction arises.

The local financial institutions should build trust with the people by keeping their collective feet on the ground.