Senate President Pro Tempore Jinggoy Estrada has filed Senate Bill No. 2952, seeking to ban unsolicited pre-approved credit cards and impose stricter penalties on violators.
Despite existing regulations from the Bangko Sentral ng Pilipinas (BSP), some banks continue issuing pre-approved cards without consumer consent, leading to financial risks and potential fraud.
The bill prohibits banks from issuing unsolicited credit cards, adding features without approval, or using aggressive marketing tactics.
It also sets penalties ranging from fines of PHP300,000 to PHP800,000 and possible license revocation for repeat offenders.
Estrada emphasized that consumers should not be held accountable for financial obligations tied to unauthorized credit cards, ensuring stronger consumer protection and ethical banking practices.
Source: PhilNews24 | February 28, 2025
