Philippine Credit Card Industry Regulation Law
Philippine Credit Card Industry Regulation Law, Republic Act No. 10870, lapsed into law on July 17, 2016 without the signature of the President in accordance with Article IV, Section 27 (1) of the Constitution. Published in the Philippine Star on August 1, 2016. It mandated that the Bangko Sentral ng Pilipinas (BSP) shall supervise all credit card issuers and acquirers. (Sec. 4). Finance charges and other fees arising from nonpayment in full or on time of the outstanding balance is to be based on the unpaid amount of the outstanding balance. (Sec. 10). Certain pieces of information are required to be disclosed by the credit card issuer. (Sec. 11). Violation of any provision of the law or any rule, regulation, order or instruction issued by the Monetary Board in relation to the law is punished by imprisonment of not less than two (2) years nor more than ten (10) years, or by a fine of not less than fifty thousand pesos (P50,000.00) but not more than two hundred thousand pesos (P200,000.00),or both, at the discretion of the court.