The BSP is the Philippines' central bank and financial regulator. It handles consumer complaints against banks, lending companies, and e-money issuers — including unauthorized charges, ATM disputes, and digital payment fraud.
The Bangko Sentral ng Pilipinas is established under Republic Act No. 7653 (BSP Charter, as amended by RA 11211). It is the central monetary authority and the financial sector regulator. For consumers, the BSP's Consumer Protection and Market Conduct Office (CPMCO) handles complaints about: **Banks**: Unauthorized charges, erroneous deductions, ATM fraud, account closure issues, and loan disputes. **E-money issuers and payment systems**: GCash, Maya, and other digital wallet providers — unauthorized transactions, account freezing, and transfer disputes. **Lending companies**: Interest rate overcharging and harassment by collection agents (with the SEC for registration issues). **Financial consumer rights**: Under the BSP Financial Consumer Protection Framework, consumers have the right to fair treatment, transparency, and effective recourse. To file a complaint: first exhaust the bank's internal complaint process (keep your reference number). If unresolved within 15 business days, escalate to the BSP Consumer Assistance Mechanism at consumeraffairs@bsp.gov.ph or call the BSP hotline 02-8708-7087.
A GCash user wakes up to find ₱15,000 transferred out of her account without her consent. She reports to GCash but gets no resolution after 15 days. She escalates to the BSP CPMCO. The BSP investigates and orders GCash to restore her funds and improve its security protocols.
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