In an interview on radio DZMM, Atty. Prudence Angelita Kasala, deputy director of the Financial Consumer Protection Department of the BSP, explained that there is an existing "one price tag policy" for all merchants.
Under this policy, merchants should display a single price for items, regardless of the mode of payment the consumer will use.
This policy prevents merchants from discriminating consumers who use cash, and those who use their credit cards.
However, Kasala admitted that not all merchants follow this policy.
"Actually, bawal 'yan. Ang ginagawa kasi nila, kasi dapat pareho lang ang presyo, sasabihin nila kapag cash, discount 'yan. Dapat hindi pinapayagan 'yun eh, pero 'yung kliyente, siguro nga dahil may discount, hindi na sila umaalama," she added.
She also explained that merchants should not pass on the charges to the card holders.
According to Kasala, there are 8 million credit card accounts in the country for 2014. The number has increased from 7.4 million accounts last year.
When asked whether this is a good sign, Kasala explained that there are conflicting views when it comes to household credit.
"May iba't ibang pananaw diyan ano, kasi sinasabi nila na household credit as a percentage of the GDP is indicative also of economic growth," Kasala said, adding that compared to other Asian countries, the Philippines has the lowest percentage of consumer debt in its gross domestic product (GDP).
Kasala also explained that it is not bad to have debts, as long as one has the capability to pay, is aware of when to pay, and knows how much to pay.
"Convenient siya at meron kang parang interest free period, kasi kung binabayaran mo siya everytime na nag-due date siya nang buo, wala kang interes na babayaran. So kunyari, depende sa cycle, billing cycle mo, pwede kang makakuha ng as long as 51 days na interest free, so malaking tulong yan sa'yo sa pagmamanage ng finances," Kasala said.
The BSP has also prohibited banks from issuing pre-approved credit cards, adding that banks should first determine if an applicant is capable of paying debts before issuing a credit card.
"Bago ka mabigyan ng credit card, aalamin muna ng credit card issuer na meron kang kakayahan magbayad," Kasala said.
Kasala explained that there is no provision in the Constitution that can send debtors to jail.
"Hindi ka pwedeng ikulong kasi wala naman sa Constitution natin, walang pagkakulong dahil sa hindi pagbabayad ng utang."
However, someone who does not pay his or her credit card debts can still be sent to jail, if they are proven guilty of violating Republic Act 8484, or the Access Devices Act.
"Kapag hindi ka nagbabayad ng utang sa credit card, tapos nagpalit ka ng address, pwede kang makulong kasi may intention to defraud ka," Kasala added.
Once proven guilty, one will have to pay a fine of P10,000, and will be imprisoned for six to 12 years.
To avoid too much credit card debt, Kasala said one should not use the credit limit as basis of how much one should spend.
"Hindi mo dapat ginagamit na batayan 'yung credit limit sa ginagastos mo, kasi ang credit limit, di hamak na mas mataas sa kinikita mo," she added.
source: www.abs-cbnnews.com
