Directing The Department Of Justice To Create An Anti-Fraud Task Force In Order To Strengthen The Drive Against Credit Card Frauds And Other Fraudulent Practices

MALACAÑAN PALACEMANILA BY THE PRESIDENT OF THE PHILIPPINES EXECUTIVE ORDER No. 573 DIRECTING THE DEPARTMENT OF JUSTICE TO CREATE AN ANTI-FRAUD TASK FORCE IN ORDER TO STRENGTHEN THE DRIVE AGAINST CREDIT CARD FRAUDS AND OTHER FRAUDULENT PRACTICES WHEREAS, the widespread use of credit cards empowers consumers, both local and foreign, in their commercial transactions because of the convenience it presents as well as international acceptance; WHEREAS, the occurrence of credit card frauds are increasing, and acquiring banks incur huge losses and suffer stunted credit card sales, ultimately threatening the survival of the credit card industry, including the negative repercussions in the domestic economy; WHEREAS, the high level of credit card frauds creates a bad image for the country in the global market, prompting government to exert efforts to effectively counteract such form of economic sabotage in order to promote tourism in the country; WHEREAS, Republic Act No. 8484, otherwise known as the Access Devices Regulation Act of 1998, which regulates the issuance and use of credit cards as an access device and seeks to curtail...