MANILA — The Bangko Sentral ng Pilipinas (BSP) is expected to release the Phase 2 of the revised cross-selling guidelines for financial products before June 2014 ends.
Chamber of Thrift Bank (CTB) President Teodoro Limcaoco, in this speech during the group’s membership meeting Wednesday, said the proposed circular will cover simple products and collective investment scheme type of products.
Simple financial products include credit cards; housing, personal and auto loans and traditional life and non-life insurance.
On the other hand, collective investment scheme type of products are those that have both insurance and investment options.
Limcauco, who is the president of the BPI Family Bank, said they continue to work with the regulators specially since the central bank put emphasis on consumer products.
He explained that for one CTB is currently in discussions with monetary officials on a uniform loan and mortgage documents aimed at speeding up transactions, reduce legal risks and promote transparency in the loan document.
”The said document, which as agreed upon by both CTB and BAP, was submitted to the BSP and will be routed to the industry associations for comments,” he said.
Limcauco noted the advantage of coordination between CTB and the regulators because “this sector of the banking industry is the closest to the greater mass of our population composed of the general consumers and the vast number of small and medium-sized enterprises that significantly contribute to the country’s economic progress.”
”It is therefore important that the business interests of the banks and the regulatory requirements are attuned to further strengthen our operational efficiency and enhance our services to clients,” he added.
The BSP first came out with the revised cross-selling framework in June 2013.