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.”
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
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.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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