The Philippine government adopted RA 7394 (Consumer Act of the Philippines of 1991) as the legal basis for consumer protection in the country. The law embodies the state policy on the protection of consumers and establishes standards of conduct for business and industry in the country.
The Consumer act of the philippines will help a lot to the people who are fund of having a business, because this act will protect and provide the rights of the consumer to there needs. There have been marked improvements in regulations alongside increased revenues for banks. The Filipino government has enacted multiple laws regulating the financial industry as well as protecting consumers. However, significant institutional overlap exists, which is not easy to unravel. Client protection appears to occupy a very important position in the banking and financial sector, at least with regards to microfinance. By this law, there is a great framework for protecting consumers from financial woes and providing them with fair treatment.
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