MANILA, Philippines – Runaway interest rates of credit cards have become a major cause of concern among congressmen who have sought to limit bank rates on credit card transactions.
Quezon City Rep. Winston Castelo filed Joint Resolution No. 11 in a bid to fast-track approval of the proposal to stop credit card firms and banks from imposing interest rates higher than 12 percent per annum.
Similar measures were filed by Reps. Amelita Villarosa (Lakas-Kampi, Mindoro Oriental); Rufus Rodriguez (PMP, Cagayan de Oro City) and Raymond Mendoza (TUCP party-list).
Castelo noted that the use of credit card has “grown tremendously” in the past several years that has left many Filipinos with tremendous debt problems.
Recent statistics indicate that at least four to six million Filipinos are credit cardholders and have relied much on them for many consumer transactions.
According to Castelo, many credit card companies have been imposing more than 12 percent per annum interest on credit transactions. This is further aggravated by the big interest rates imposed on delayed payments.
The neophyte solon said that the interest rates could be considered usurious and frowned upon by law. He pointed out that under the provisions of Republic Act 2655, the Monetary Board of the Bangko Senral ng Pilipinas prescribe only a six per centum per annum rate of interest for “the loan or forbearance of any money, goods, or credits, in the absence of express contract as to such rate of interest.” –BEN R. ROSARIO, Manila Bulletin
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