The Bangko Sentral ng Pilipinas (BSP) advises cardholders to refrain from participating in “sangla-ATM” schemes which require them to use their ATM cards and personal identification number (PIN) as collateral for loans.

According to BSP, the “sangla-ATM” scheme may lead to financial troubles for cardholders as it may be difficult for them to monitor withdrawals made by people to whom the ATM card and PIN were given. Creditors may also withdraw amounts higher than the cardholders’ debt.

This advisory is issued in line with the BSP’s continuing program to guide Filipinos on safe and proper ways to handle money, credit, and savings through financial education and personal finance management lessons.

Likewise, BSP advises borrowers to understand the terms and conditions of loan agreements to protect themselves against unreasonable demands. 

For information on microfinance, personal, and other small loan facilities, the public is encouraged to directly inquire with banks and other BSP-supervised financial institutions, such as pawnshops, money service businesses, electronic money issuers, and non-stock savings and loan associations.

For directories and lists of BSP-supervised financial institutions, visit Bangko Sentral ng Pilipinas Financial Stability ( (BSP/PIA-NCR)