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​Philippine lawmakers pass credit card regulations bill

( June 28, 2016, 04:00 GMT | Insight) -- Lawmakers have passed the Philippine Credit Card Industry Regulation Act, a bill that mandates the central bank to oversee and regulate the country’s credit card industry and makes abusive and unfair practices against cardholders illegal, CNN Philippines reports. Lawmakers have passed the Philippine Credit Card Industry Regulation Act, a bill that mandates the central bank to oversee and regulate the country’s credit card industry and makes abusive and unfair practices against cardholders illegal, CNN Philippines reports. Under the bill, the central bank sets the standards of operation for card issuers and collection agents, with violators facing penalties of up to 200,000 pesos ($4,241) and imprisonment of up to 10 years. The central bank is also empowered to regulate annual membership fees, late payment fees and other finance charges. ...

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