CREDIT CARDHOLDERS should keep track of the progress of House Bill 1235. Filed by Rep. Arthur Yap, who is on his first term as representative of the 3rd district of Bohol, the bill, if enacted into law, sets a limit on monthly interest for credit card payments to one percent, or 12 percent per annum.
Similarly, penalty charges will also be limited to one percent per month or 12 percent per annum. Any violation will be considered a criminal offense.
While Yap acknowledged that many credit cardholders do not have the discipline to use their cards wisely, the congressman was quoted in newspaper reports as saying credit card issuers imposed “very prohibitive, exorbitant and unconscionable interest rates, penalty and other finance charges.”
Yap explained the urgency of his bill by pointing out that 4 million Filipinos today hold 6.5 million credit cards. He said the number could increase significantly “due to the aggressive marketing of credit card companies that constantly woo customers with promos and other marketing gimmicks.
If passed, Yap’s bill will be known as the “Credit Card Users Protection Act of 2010.” Penalties for violation include imprisonment, a fine of P500,000, and suspension or revocation of business permits. -Linda B. Bolido, Philippine Daily Inquirer
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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