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Consumer Protection Practices

Through the years, Bank of Makati Inc. has actively supported the Bank Sentral ng Pilipinas’ (BSP) campaign for financial inclusion and has continuously adopted best practices that produce good customer experiences for its Clients. This adoption conforms to the Bank’s Consumer Protection Risk Management System (CPRMS), and is aligned to BSP Circular 1160 or Regulations on Financial Consumer Protection to implement R.A. 11765, otherwise known as the “ Financial Products and Services Consumer Protection Act” (FCPA).

The Customer Experience Management Department-Customer Engagement Section (CEMD-CES) promptly and effectively handles Customer requests, queries, and complaints (RQC) received by the Bank. The Section is tasked to acknowledge, monitor, coordinate with the concerned group/department for appropriate action and/or investigation, and ensure resolution (within BSP’s standard turn-around-time) of the RQCs received through the Bank’s:

  • Official Communication channels-  customer hotline, e-mail, or social media page
  • Branches with designated Consumer Assistance Officer (CAS)

Bank of Makati acknowledges the indispensable role of the Customers in bringing about a strong and stable financial system, their right to be protected in all stages of their transactions, and be given an avenue to air their grievances regarding the Bank’s products and services.

With the Board and Senior Management’s leadership, it is ascertained that the bank’s business operations are aligned to the standard conduct of consumer protection. To assess its effectiveness and relevance, BMI’s CPRMS, Code of Conduct, policies, and procedures are reviewed periodically and monitored regularly to ensure standard observance of:

  • Disclosure and Transparency
  • Fair Treatment
  • Protection of Client Information (adherence to the general data privacy principles of transparency, legitimate purpose, and proportionality under R.A. No. lOl73 or the Data Privacy Act of 2012 and its IRRs)
  • Effective Recourse
  • Protection of Consumer Assets against Fraud and Misuse

By doing so, it is ascertained that the Bank remains compliant to relevant laws, rules, and regulations and the best interest of the Customers are prioritized, such that identified risks of financial harm or probable loss are properly mitigated and managed.