MANILA — The Bangko Sentral ng Pilipinas (BSP) on Saturday told ATM cardholders to refrain from participating in "sangla-ATM" schemes, warning that it might "lead to financial troubles."
The schemes require cardholders to surrender their ATM cards and personal identification numbers or PIN as collateral for loans.
The BSP warned that it could be difficult for cardholders to monitor the withdrawals made by those who manage their ATM cards and PINs.
"Creditors may also withdraw amounts higher than the cardholders' debt," it said.