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Proposed'Consumer Act' hurdles final reading

ByMaricerv.cru' t'ffi1fftff#i,-'ff, *" o'ilT;itXliT*?snnanciar
S?EAKER ',Gloria Macapagal m"chaoisms r"ittfor"e conidence regulators to )1 formulate their
l;.""-fr* pushed for thi 6n- in the financial market and foster own standards and rules applica-
;#";,;idiJll;"i*i"e u"t stabitiry in the ' firan- ble
phitippine to a specific financiat product
;;;;;;; ;*ilisms ie in cial system. within rheir jurisdiction. 2; issue
;fi;."6;;;;i;h; intereri orn_portHouse Bi 9054 got the sup- their respective rutes of .proce-
consumers. of all 64 HouJe Membeis dure, and 3) conduct off*ite sur-
under condi- huring
the pl'enary voting. veillanc4 and on-site examination
tion, of t *.p*"n"V, iuit, *O Jf" Uiif-*Oit". tftJ Bangko on their tespective supewised fl-
,"-*O and just, Sentral ng Pilipinas, Securiiies nancial entities to ascertain com-
;;i,it an4 effective iran- and Exchange Conprissitn,' and pliance with the measure.
aiins of financial consumer dis- I-nsurance Commission to en- They shall also be empow-
pule-s Ihat are aligned with global force the provisiols of the mea- ered to require supewlsed.hnan-
best practices: sure on ali financial entities they cial entities and their thtd-paxty
The Anovo-led Hotse ap- supervise or regulate. agents or service providers to
rea'd- 'The Coopiradve Develop-
prou"A on ,l'irO and final submil repofls or documents as
'i"g ff"r." giU 9054 or the ment Authoriiy shall-oversee the needed'
pi""p.r"o-;rlt*"i"i Coirsumer implementation of the measure , They may accessrel:]Tl9?
irroitection Act.,, through cooperative offering ser- about financlal products_, servlc-
The bill. auttrorecl bv Rep- Hen- vices'such as savings and credit, es, and markets ftom other
* d;;f;r.", ilUi.,"ip"rt,t providecl thaL rhe inriplemenration emntenr agencies in connection
At IOiHou.i t.ldr.,t"o during the by insurance cooperatives shall with mafket fionltonng.

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