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The article reports that the Financial Affairs Consumer Group, set up by Bangko Sentral ng Pilipinas, has card issues as the top banking complaints in the Philippines. A spokesperson for the central bank has stated that credit card complaints dominate the number of complaints received, while complaints concerning automated tellers (ATMs) transactions are the second ones.

The article reports on the plans of Electronic Network Cash Tellers Inc. (Encash) to boost its ATM expansion plans in the Philippines. Encash has deployed 273 ATMs with 139 financial institutions, which include 105 rural banks, cooperatives and other microfinance institutions. The company is in discussions with foreign investors with the plans to increase its ATM network.

The article presents information on the concern expressed by the representatives of the Philippines credit card industry over a bill that would cap card interest rates. Representative Arthur Yap introduced the bill dubbed the Credit Card Users Protection of 2010 in December 2010 to place a cap on high finance charges the credit card issuers levy on the cardholders. Under the new regulations, the monthly interest rate per month will be reduced to 1 from 3.5 percent.

The article reports that Philippines President Benigno Aquino III, has been asked by the Asian Development Bank, to consider giving tax breaks to credit cardholders in the country to promote increased card use. A report in the Manila Standard stated that the request was made by officials from the bank, during a meeting with Aquino and the government's finance secretary.

The article reports that according to Credit Bureau Inc., the rural banks in the Philippines have gained access to a credit bureau that already assists commercial banks in their credit card issuing. After gaining access to Credit Bureau's information, rural banks can avoid issuing credit cards to borrowers who may already have credit from other banks. The bureau has also cut 11 peso fee in half for each inquiry to encourage rural banks to subscribe to the database.

The article informs that new regulations have been issued by the Bangko Sentral ng Pilipinas, central bank of the Philippines, to protect credit cardholders of the nation from abuse. It has been stated that new regulations will refrain credit card issuers and their collection agents from engaging in unfair collection practices. It has been stated that new regulations will also prohibit them from attempting to contact cardholders at unreasonable times and use obscenities or profane language.

The article informs that a trial is being conducted by the Manila Metro Rail Transit System and Manila Light Rail Transit System to test the use of a common contactless smart card for their commuters in Philippines. It has been stated that currently both of them use their own ticketing systems. It is evident that a contactless smart card, developed in collaboration with telecommunication operator Globe Telecom Inc., has been offered by Manila Metro Rail to its commuters.

The article reports that according to a new rule from Bangko Sentral ng Pilipinas, credit card issuers can not issue pre-approved credit cards and they need to inform cardholders seven days in advance before sending delinquent accounts to collection. The new rules which also laid out the standards for disclosure requirements, are aimed at protecting credit cardholders.

The article offers information on mobile payments provider Zong Inc.'s partnership agreements with mobile carriers Globe Telecom Inc. and Smart Communications Inc. The partnership agreements provide Zong Inc. an entry in the Philippines market. The services offered by Zong Inc. includes enabling mobile users to purchase virtual and digital goods through mobile applications.

The article reports that the head of the central bank in the Philippines has warned against government efforts to limit the interest rate applied to credit cards at 1 percent per month. The bank's governor Amando Tetangco Jr. reports that capping the rate might result in price distortion and other such consequences in the credit card market. He also states that the issue of distortion can be solved by an approved Credit Information System Act working and by establishing a credit bureau.

The article reports that according to the Bankers Association of the Philippines, setting a limit on credit card interest rates could adversely affect several government programs seeking to provide financial services. The president of the association, Aurelio Montinola states that any effort to cap interest rates would result in a reduction in how many consumers would qualify for cards. It reports that the annual credit card interest rates in Philippines range from 24 percent to 48 percent.

The article reports on the warning of Amando Tetangco, governor of Bangko Sentral ng Pilipinas, the central bank of the Philippines, against government efforts to limit the interest rate applied to credit cards at 1% per month, as of October 21, 2010. He says that this will result in price distortion in the credit card market. It will also weaken the credit transmission capacity of monetary policy. He suggests creating a competitive environment and establishing a credit bureau to control prices.

The article reports on the agreement inked by UAE Exchange Inc. with MasterCard Worldwide Inc. to offer MoneySend service of MasterCard in the United Arab Emirates (UAE) for remittances in the Philippines. According to UAE Exchange, the company will use the platform of MoneySend to provide cardholders as a way of sending funds directly to MasterCard debit card accounts recipients in the Philippines. UAE adds that it will provide the service in the UAE for Philippines' outbound remittances.

The article reports on the agreement between Korea Financial Telecommunications and Clearings Institute, a South Korea based nonprofit organization that manages several interbank payment systems in the country, and MegaLink ATM network, Philippines prominent automated teller machines (ATM) operator. It is stated that after the agreement, customers of both the organizations can access each other's ATMs. MegaLink records 795,000 transactions daily and its customers issue 11.5 million cards.

The article reports that according to a government official in the Philippines, a new administrative order will allow the citizens to make government payments online with the help of payment cards and mobile-phone wallets. It was passed by the country's Department of Finance with the Department of Trade and Industry.

The article presents information on an agreement between the Philippines based bank Allied Banking Corp. and card company China UnionPay Co. Ltd. to launch a credit card in Philippines. The bank plans to promote the UnionPay-branded card to the roughly one million Filipinos who travel to the Chinese mainland every year. The bank also plans to sell at least 10,000 cards by the end of 2010.