As Bill Gates once said, “Your most unhappy customers are your greatest source of learning.” When you make your unhappy customers happy, you ultimately benefit from preserving a reputation that your bank cares. The Bangko Sentral has established a dedicated unit that attends to complaints against our supervised institutions, the Financial Consumer Affairs Group (FCAG).
With respect to housing investment, housing starts in terms of the seasonally-adjusted annual rate reached a significantly high level in the fourth quarter 1996, partly reflecting the stepped-up demand ahead of the rise in the consumption tax rate. Later, they declined in reaction and recorded a level somewhat below 1.5 million starts in both March and April 1997.