Bangko Sentral ng Pilipinas deputy governor Juan de Zuñiga Jr., also its general counsel, sent a lengthy rejoinder to my series on credit card overcharges. I had stated that he treats as case-to-case the many Supreme Court rulings to limit interest to only one percent and penalty to another percent a month. Too, that credit companies, in marketing their product, virtually push the cards into the hands of vulnerable customers. De Zuñiga said in capsule that:
• reference to his “opinion on the SC ruling in Macalinao v. Bank of Philippine Islands (see http://sc.judiciary.gov.ph/jurisprudence/2009/september2009/175490.htm) led to impressions that BSP takes the side of banks and card companies on their collection of interest charges. What I concluded is that aggrieved borrowers can proceed against those who charge iniquitous and unconscionable rates.”
• Too, “since entering into a credit card membership is essentially a contractual transaction, prospective members should first demand prior information on charges collectible, and if they find these terms unreasonable, to reject the membership thereat.”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of Forced Labour and Freedom of Association protocols.
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