THE Bangko Sentral ng Pilipinas (BSP) has reminded banks and other supervised financial institutions to ensure that their digital financial products and services remain accessible to persons with disabilities (PWDs) to ensure fair and equitable treatment in the financial sector.
In a memorandum signed by BSP Deputy Governor Bernadette Romulo-Puyat, BSP-supervised institutions (BSIs) must ensure that their policies, procedures, documentary requirements, and operational practices do not discriminate against PWDs or unnecessarily restrict their access to financial products and services.
The BSP specifically called on financial institutions to ensure the fair and accessible delivery of digital financial products and services.
“Digital platforms, disclosures, and customer assistance channels should not unnecessarily prevent PWDs from accessing or using financial products and services,” the BSP said.
Where appropriate, the central bank said financial institutions should make reasonable assistance or alternative service channels available to PWDs.
The central bank cited Republic Act (RA) 11765, or the Financial Products and Services Consumer Protection Act, BSP Circular 1160 on the Financial Consumer Protection Framework, RA 7277, or the Magna Carta for Disabled Persons, as amended, and BSP Memorandum M-2021-040 as the legal and regulatory bases for the reminder.
Under the memorandum, BSIs are expected to ensure that any distinction in treatment or additional requirement imposed on a PWD is supported by applicable laws or regulations, or by legitimate considerations specific to the financial product, service or transaction.
The BSP stressed that such requirements “shall not be imposed solely on account of a person's disability.”
The central bank also identified several practices that financial institutions should avoid.
These include denying or restricting a PWD's access to account opening or other financial products and services solely because of the person's disability.
The BSP likewise said banks should not require visually impaired persons to open only joint or “and/or” accounts solely on account of their disability.
Financial institutions were also reminded not to refuse valid government-issued PWD identification cards when such identification is acceptable under applicable laws and regulations.
They should also avoid “imposing additional documentary or procedural requirements that are not otherwise required under applicable laws and regulations or reasonably warranted by the nature and risks of the financial product, service, or transaction.”
For branches and offices serving the public, BSIs are required to provide express lanes for PWDs.
If providing dedicated express lanes is not feasible, the BSP said PWDs should instead be given priority in transactions.
The BSP also encouraged financial institutions to prominently display written notices informing PWDs about the availability of express lanes or priority service.
