The Philippines has made an impressiveprogress in consumer protection in the banking sector, asshown by the wide range of laws and of regulatoryinstruments, their active use and enforcement, and byprovision of complaint resolution services. The 2013 GlobalSurvey on Financial Consumer Protection indicated that thePhilippines compares well with the other economies and yetthere is space for further strengthening of the financialconsumer protection framework. In order to improve access tofinancial services, their usage and quality, and furtherdeepen the financial sector, the Philippines has to designand implement a sound financial consumer protection regimewith prudential regulation and supervision. This WorldBank’s Diagnostic Review was undertaken in response to arequest from the Bangko Sentral ng Philipinas (BSP). Itprovides a detailed assessment of the consumer protectionframework in the banking sector, with a particular focus ondebit and credit products provided by BSP regulated banks.The review addresses the following areas: 1. InstitutionalArrangements, 2. Legal and Regulatory Framework, 3.Transparency and Disclosure, 4. Business Practices, 5.Complaints Handling and Dispute Resolution Mechanisms, and6. Consumer Awareness and Financial Literacy. Volume Isummarizes the key findings and recommendations and VolumeII provides comparison with the World Bank`s Good Practicesfor Financial Consumer Protection.