Posted on April 12, 2021
Sangla Atm Agreement
Under the agreement, GNP produces 116 million cards over a three-year period. Cards that are not transferable are issued to all Filipino citizens and foreign residents registered under the PhilSys. The central bank was tasked with printing the identity cards. It signed a Memorandum of Understanding with the Philippine Statistical Authority for the production of white cards for identity cards under the Philippine Identification System (PhilSys). Printing ID cards will cost a total of 3.4 billion P3.4 billion out of the total cost of 30 billion P30 of the PhilSys project. First, BSP Deputy Director Melchor Plabasan stated that, under banking conditions, the bank cards she had issued to her clients should be considered bank real estate and that only their customers should be aware of the PIN (personal identification number) of the cards. Nevertheless, the honourable senator asked BSP officials whether the practice of using bank cards as a credit guarantee should be banned or regulated. Plabasan agreed and stated that a bank card could not be considered „good security“ because a cardholder can at any time declare that a card has been lost and that a replacement could be sent directly to him. The BSP also indicated that PayMaya, GCash and Bank of Tokyo-Mitsubishi, Ltd (MUFG Bank) would waive the fees until October 31. „Sangla ATM sounds bad, but is it illegal in itself?“ Escudero asked.
. CEBU, Philippines — The Central Visayas Regional Police Office has asked police officers not to use their ATM cards as collateral for quick and simple loans from informal lenders or loan sharks. PSA intends to complete the registration and issue the ID card before the end of President Rodrigo Duterte`s term in 2022. Sinas said the Philippine National Police would impose appropriate sanctions on credit financial institutions that were killed. According to the BSP, the plan could also expose borrowers to identity theft. (FREEMAN) In an expert report, the Agency stated that it had not published such rows of parts and that the only P20 exhibit on the legal course was the 20-Piso New Generation Currency (NGC), made available to the public in early December 2019. Sinas has given the order to announce that most police officers use their cards as collateral with credit sharks. Stop Sangla ATM systems! Protect your bank account and personal data. Loans from responsible financial institutions that protect the well-being of their clients.#BSPadvisory #ConsumerProtection #FinancialEducation pic.twitter.com/VDO4069mDp Those who do not demonstrate their ATMs will have to expect appropriate sanctions, he said. MANILA, Philippines – The consumer finance survey released last week by Bangko Sentral ng Pilipinas (BSP) shows that nearly 40% of Filipinos use the ATM Sangla program for credit.
During his command visit to Daanbantayan, in northern Cebu, Sinas said two police officers admitted that their ATMs were at the lenders` homes.