Stages in Implementing Mystery Shopping Enhanced Implementation of the Set objectives Truth in Lending Act (TILA): From formulation to evaluation Design (scope & coverage, sampling, survey instrument, shopper profiles) Training of mystery shoppers and pilot-testing Actual implementation Analysis FGDs Post Pre August 2013 June 2012 July 2011 March 2011 What was the BSP Circulars 730, 754, 755 What information were collected? situation before? Parallel regulations issued by SEC, IC, CDA What are the main findings? • Objectives What role did the • Salient features ‘disclosure • Potential benefits What are the policy lessons? research’ play?
BEFORE AFTER
Straight line versus declining balance method DECLINING BALANCE INTEREST FLAT BALANCE INTEREST
TERM 4 monthly payments 4 monthly payments Loan Amt Php 5,000 Php 5,000 Interest 2% /month 3.2% / month Rate Month Outstanding Interest Rate Interest Outstanding Interest Interest Balance Balance Rate Php 2% Php 100 Php X 3.2% = Php 160 0 5,000 5,000 Php Php 100 Php X 3.2% = Php 120 1 3,750 3,750 Php Php 100 Php X 3.2% = Php 80 2 2,500 2,500 Php Php 100 Php X 3.2% = Php 40 3 1,250 1,250 0 0 4 Php 400 Php 400
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