GRACE POE AMBUSH INTERVIEW TRANSCRIPTS

FIRST AMBUSH INTERVIEW

Question: Legislation on financial technology and digital assets

Sen. Grace Poe: You know what, it's a very complicated matter. In fact, lawmakers should really not rush into drafting a law regarding this. We still have to learn a lot of things, particularly when it comes to financial technology and digital assets. To most of our countrymen, this is alien to them but in fact some of them have been availing of it through online lending and without the proper information and education, a lot of them are actually victimized. So part of the discussions that we had is for the BSP, the SEC, the PDIC, even the CEZA should get together for a task force that would study all of this different cryptocurrency setup in the country, as well as financial technology and how these affect the consumers.

Q: Cryptocurrency used as Ponzi scheme

Poe: Well so far, as I've said, the SEC is asking for stiffer penalties for those that will be involved in scams like this. But more important thing is to have public awareness and education and also a proactive involvement of BSP and SEC to crack down on the companies that might be involved in something like this. But how do you do that if there is no access, our countrymen doesn't have easy access to credit. So one of the things that was also discussed is probably how the National ID system would be able to help so that they have access to legitimate financial institutions as opposed to this fly-by-night companies that victimized so many, not just in the Philippines, even in India, two billions of dollars was lost, millions of dollars in other countries. So before we fall prey into this, as I've said the BSP and the SEC already agreed to have a regular discussion so that they can come up with actual suggestions for legislation because we are not experts in this. We need people who are really knowledgeable, otherwise we might create more problems as opposed to rectifying the situation. But number one here is really the protection of our consumers. Another topic we discussed today was regarding the ATM fees. It's assuring to know that the BSP is very much involved when it comes to screening proposals for ATM fees per bank, based on their needs and reasonableness. So hindi naman kaagad-agad na tinataas ang ATM fee kung hindi karapat-dapat. Kaya sa ating mga kababayan ang huling pagtaas ng ATM fee diumano ay 2013 pa, so yung mga bangko na nagsasabing kailangan nilang itaas, hindi sila pwedeng magtaas hangga't hindi nila kinukuha ang pagpayag ng Bangko Sentral at kung meron man ito ay yung fees ay hindi para sa paggamit ng ATM mo sa bangko mo, kundi paggamit ng ATM mo para sa transaksyon ng ibang bangko.

Q: Acceptable range ng ATM fees

Poe: Hindi natin masabi pero ang sinabi ng Bangko Sentral hanggang P2 lang daw o P3 kung diumano ay itataas pero doon sa iba lang daw P1, bawat P1 naman ay binibilang natin so kailangan may rason. Ang isa pang ikinababahala natin dito sa mga online lending na nangyayari. Hindi lamang sa mataas ang interes. Ang nangyayari pa mayroong invasion of privacy. A lot of these online companies have resorted to actually shaming. They get in touch with your friends and family, divulged the transaction that you have with them, in order to embarrass you and force you into paying up. But this apparently according to SEC and Central Bank is illegal. They should not be able to engage into this sort of practices.

Q: Are we looking at legislation?

Poe: Absolutely kasi at this point, we don't even know the personality that will be responsible if in case, a company is determined to be doing these illegal practices. Sinong paparusahan mo? 'Yung may-ari ba ng kumpanya? 'Yung incorporators ba? Number two, ikukulong ba talaga ang kumpanya eh hindi naman...ano bang entity ang company? So it has to have a fine and right now the maximum penalty is only P50,000 and that would not serve as a factor that will discourage them in engaging to these practices.

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SECOND AMBUSH INTERVIEW

Question: On ATM fees

Sen. Grace Poe: Sa ating mga kababayan, binigyan naman tayo ng kasiguraduhan ng Central Bank na hindi naman basta-basta tataas ang fees ng ATM; kasi huli pa raw itong pinayagang tumaas noong 2013, hanggang P15 ang maximum; so ngayon kung tataas man, P1 hanggang P3. Ngayon, bawat piso ay mahalaga so ito ay binubusisi muna ng Central Bank bago nila payagan. Number two, ang transaksyon na 'yun na mayroong charge ay between kung bangko mo at saka kung gagamit ka lang ng makina ng ibang bangko; hindi kung sarling bangko mo at sariling ATM mo 'yun, dapat wala pa ring charge, so 'yun malinaw. Ang isa nating pinag-usapan kanina, and this is actually a little bit more ambiguous and unclear to many, when it comes to financial technology, fintech; 'yung mga digital assets, 'yung may mga rewards tapos may mga online lending, 'yun ang mga nakakatakot. Para sa akin, ang pinakanatatamaan ang mga kababayan natin; 'yun bang humihiram sila ng pera, kinukuha ang impormasyon nila, 'pag hindi sila nakabayad, hihiyain sila; tatawagan ang mga kakilala nila, ang kamag-anak nila; 'yan ay hindi naaayon sa batas dahil mayroon tayong privacy rules. Pangatlo naman, marami na ang nawawalan ng pera dahil sa mga investment scams, 'yung mga cryptocurrency na tinatawag; hindi nga lubos na maintindihan nating lahat kung ano ito kaya sa ating mga kababayan, dahan-dahan kayo kapag may nagsabi na puwede ninyong bilhin ito o mag-invest kayo dito, mataas ang magiging reward ninyo. Kapag masyadong maganda ang offer, malamang hindi 'yan legal at hindi 'yan totoo; kaya 'yun na lang ang gawin nating basehan dito sa digital assets. Pero ang napagkayarian namin dito, pinag-usapan namin kanina, ang Bangko Sentral, ang Securities and Exchange Commission, ang PDIC ay dapat mag-usap-usap, magkakaroon sila ng Task Force dito sa cryptocurrency.

Q: Saan ninyo gagamitin ang makokolekta sa ATM fees, 'yung increase?

Poe: Alam mo 'yung increase sa ATM, siyempre isipin ninyo ang ATM kailangan nila i-maintain ang kuryente, ang technology 'nun. 'Pag merong kailangang dalhan ng ATM, 'yung transportasyon 'nun. So meron naman silang administrative cost, hindi lang talaga pupuwedeng sobra-sobra...

Q: Are you satisfied doon sa assurance ng regulators that they will be strict in approving kung meron mang increase?

Poe: I think that it is in the interest also of the Bangko Sentral to be very very prudent in approving the fees because we have oversight. So kung may nagreklamo na it goes beyond a certain amount and it's unreasonable, puwede naman silang ipatawag ulit dito, bakit nila pinayagan 'yun? Bakit ang bangko na ito pinayagan ninyo, 'yung bangko na 'yun hindi? So I think naman the Bangko Sentral is very careful in issuing approvals kasi babalikan din sila 'nun.

Q: Ma'am may suggestion kayo na parang may price tag ang mga machines?

Poe: Oo, kasi 'pag pumunta kayo sa mall nakahilera lahat diyan, blockbuster nga ang pila, dapat nakalagay na doon, may nakapaskil magkano ang bawat transaksyon; kung bank to bank and your own bank, wala; pero 'pag ibang bangko, ito ang transaksyon. At saka dapat may nakalagay din doon, 'pag pinasok mo ang ATM mo, bago ka makagawa ng isang transaksyon tatanungin ka, 'Okay lang ba sa iyo na babayaran mo ay P1.50, let's say for this particular transaction, or P15,' 'pag sinabi mong 'no' dapat walang charge. May mga ganun tayong safeguards.