1. FINANCIAL TRANSPARENCY AND CONSUMER PROTECTION Undersecretary Gil S. Beltran Department of Finance 2012 MCPI Annual Conference Focusing on Responsible and Client-Centered Microfinance 26-27 July 2012, Hyatt Hotel

2. PHILIPPINE MEDIUM TERM DEVELOPMENT PLAN 2011-2016 Empowerment of Filipino consumers through strong consumer protection mechanisms and financial literacy or education programs.

3. CONSUMER PROTECTION Financial Transparency and Full Disclosure Fair business practice Open to competition DUTIES AND RESPONSIBILITIES OF PROVIDERS Protection from fraud and unfair business practices Education and Awareness Redress Mechanisms RIGHTS AND PRIVILEGES OF CLIENTS

4. THREE-PRONGED APPROACH LEGAL AND REGULATORY ENVIRONMENT GRIEVANCE MECHANISMSFINANCIAL LITERACY AND EDUCATION

5. THE BACKBONE Laws and Regulations Consumer Act of the Philippines Truth in Lending Act Law on Secrecy of Deposits General Banking Act Implementation Complaints and grievance units within Government Regulatory Agencies Mediation and Reconciliation/ alternative dispute resolution bodies Public Awareness Public information desks Financial literacy campaigns Financial Education

6. THE INFRASTRUCTURE Operationalization of the Credit Bureau Creation of a Central Registry for Movable Collaterals Institutionalization of an Alternative Dispute Resolution (ADR) mechanism for microinsurance (as in the case of cooperatives)

7. MOVING FORWARD EXPAND FINANCIAL LITERACY TO ALL STAKEHOLDERS AND NOT ONLY FOCUS ON CLIENTS WIDESPREAD ADOPTION OF ADRs AT THE INSTITUTION AND LOCAL GOVERNMENT LEVELS BASIC FINANCIAL EDUCATION AT THE PRIMARY LEVELS

8. FINANCIAL TRANSPARENCY, EDUCATION, AND LITERACY NOT ONLY EMPOWER THE CLIENT, THEY EMPOWER THE PEOPLE AND PROMOTE FINANCIAL STABILITY