Question & AnswerQ&A (BSP MEMORANDUM)
It is a panel constituted by the Governor of the Bangko Sentral ng Pilipinas (BSP) under Office Order No. 105, Series of 2006, consisting of lawyers and bank officers that helps resolve disputes between BSP-supervised institutions and/or their officials and their clients.
The Panel consists of lawyers from the Supervised Banks Complaints Evaluation Group, Office of the General Counsel and Legal Services, BSP, assisted by bank officers from the Supervision and Examination Sector (SES).
The Panel takes cognizance of complaints arising from clients' dealings with BSP-supervised institutions.
The Panel has no jurisdiction over cases involving violations of banking laws, rules, and regulations which must be investigated and prosecuted according to BSP Circular No. 477, series of 2005.
The Panel requires the parties to appear for a mediation conference and explores the possibility of reaching a mutually acceptable agreement between them.
The Panel renders reports to the BSP Management.
Yes, banks and other BSP-supervised institutions are enjoined to extend cooperation to the Panel.
The memorandum took effect immediately upon adoption on March 6, 2006.
The Panel was created under Office Order No. 105, Series of 2006 issued by the Governor of the Bangko Sentral ng Pilipinas.
The Panel was constituted to help resolve disputes between BSP-supervised institutions and their clients to provide an accessible mechanism for complaint resolution.