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BSP Hosts Consumer Welfare Month

09.28.2016

The Bangko Sentral ng Pilipinas (BSP) will host the 2016 Consumer Welfare Month (CWM) to be highlighted with an opening ceremony at the BSP Assembly Hall, BSP Main Office in Manila on 30 September 2016.

The 2016 CWM celebration promotes consumer empowerment and cooperation among various stakeholders in ensuring that financial consumers are well-informed and protected.

With a theme “Consumer Protection: A Shared Responsibility,” the event will bring together key officials and representatives from the member agencies of the National Consumer Affairs Council (NCAC) of the Department of Trade and Industry, business, consumer and government sectors.

In line with the celebration, consumer-related activities such as exhibits from participating institutions will showcase their consumer programs and initiatives from 30 September up to
3 October.

Officers from government institutions, financial regulators and consumer organizations will likewise conduct lecture sessions on topics such as regulation on consumer protection; roles and complaints reporting procedure; financial frauds, investment scams, and cybercrime; and tips on getting insurance and accepting checks as payment.

The CWM is held every October pursuant to Presidential Proclamation No. 1098. Said event is led by NCAC, a government body established under Republic Act 7394 otherwise known as the “Consumer Act of the Philippines,” to improve the management, coordination and effectiveness of the nation’s consumer programs.

A staunch consumer protection advocate, the BSP is the first non-NCAC member to host the CWM. This year also marks a milestone in the BSP’s consumer protection and literacy initiatives as its Financial Consumer Protection Department celebrates its tenth anniversary on 16 October. 

The BSP fosters economic and financial education because it believes that a well-informed and -protected citizenry is an effective partner in maintaining financial stability, which is a key policy objective of the BSP. 

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