Bank scams were definitely the talk of the town last year. This is why a law protecting bank depositors, as well as the banking industry, is very much needed according to a lawmaker.

For Deputy Speaker Bernadette Herrera, it is time that they define the extent and limits of a bank’s liability during scamming incidents. To do so, a legislative inquiry (in aid of legislation) is necessary, for purposes of helping “create better legislation to protect the public from bank scams, electronic or otherwise.”

“There are technicalities involved when it comes to liability, of course, and it is these technicalities that we want to further understand in order to amend or create the necessary laws to better protect Filipino banking customers,” she said.

She further added that the alleged scam recently committed by Lisa Arzaga, a now-dismissed RCBC branch manager, would be a “good test case to determine the exact parameters of institutional accountability.”

Accordingly, the lawmaker has invited the top bank officials in the country for their guidance on the matter. However, they have nothing to worry about as it is “by no means a witch-hunt, or a fault-finding endeavor.” “Every stakeholder will surely bring valuable, if not actionable, insights to the dialogue,” she said.