BSP sets ‘hard deadline’

30 June 2018 - - supplemental guidelines released on Thursday

more than three years to upgrade January 1

January 1, the

is meant to push the banking

The guidelines prescribe a hard deadline for compliance - sanctions provided under relevant provisions of the Manual

Provisions

to book provisions for probable fraud losses starting September 30, 2017 until full compliance is

of a loss probability rate and the outstanding balance of prepaid and debit cards or the available credit limit for credit cards begin 30 September 2017

The central bank said loss probability rate can be arrived at using any or a combination of historical counterfeit card fraud losses; customer behavior; nature of products, services, and customer relationships; and degree or ex

recorded provisions should be

strategies to entice or force clients or freebies, and liability shift for

“To further strengthen consumer protection and complaints handling and resolution - for chargeback as a result of