Manila, Feb. 27 -- Senate President Pro Tempore Jinggoy Ejercito Estrada on Thursday called for a ban on unsolicited pre-approved credit cards' issuance and heavier penalties on violators.

Estrada, who filed last month Senate Bill No. 2952 or the Pre-Approved Credit Card Prohibition Act, emphasized that while the Bangko Sentral ng Pilipinas (BSP) has already prohibited the practice through Circulars Nos. 702 (2010) and 845 (2014), some banks and credit card companies continue to issue pre-approved cards without consumer consent, exposing individuals to unwanted financial liabilities and potential fraud.

"This practice is wrong, especially when consumers are not aware they are being issued a credit card without their consent. For those w...