MANILA – The Credit Card Association of the Philippines has expressed no objection to the Senate bill regulating the credit card industry, a government press release said yesterday.
During the public hearing by Senate committee on banks, financial institutions and currencies on the 8 Senate proposals, Simon Caladanz, special advisor to the board of CCAP, said that though they have no objection, they have modifications on the proposed measure.
Senator Serge Osmeña III, chairman of the committee on banks, had directed the CCAP to submit a position paper that will be discussed in the technical working group.
Under the proposed bills, the credit card holders should be protected by setting a ceiling on the interest rates and surcharges, and prohibiting hidden penalties.
The bill also aims to prohibit the offering of credit cards to students and to those who have not reached the age of 25.
Despite the good number of priority measures already lined up in the 13 remaining session days, Osmena said he is still hoping that the Senate will be able to approve the credit card regulation bill.
Some of the priority measures that the Senate is seeking to pass before the Christmas break are the proposed 2016 national budget of Php3.002 trillion and the Bangsamoro Basic Law and reforms measures, particularly the bill lowering income tax rates.*PNA
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