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​Philippine lawmakers hand central bank powers to regulate credit cards, payment systems

( February 2, 2016, 03:47 GMT | Insight) -- Philippine legislators have passed two bills that will give the central bank the authority to regulate the local credit card industry and other forms of payment systems, according to local media reports.  Philippine legislators have passed two bills which will give the central bank, or BSP, the authority to regulate the local credit card industry and other forms of payment systems, according to local media reports. The Payment Systems Act, which will grant the BSP regulatory and oversight powers over debit cards, credit cards and other forms of electronic payment systems, has been approved by the Philippine House of Representatives, BusinessWorld reports. The measure will also grant BSP the authority to operate its own payment systems and impose fines for transactional violations. A second measure, passed by the Senate, will grant the BSP regulatory authority over the local credit card industry, including powers to limit and prohibit the charging of annual membership fees, as well as to prohibit harassment and abuses in debt collection, according to the Philippine Daily Inquirer. ...

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