CREDIT RATES: Concerned consumers, meanwhile, are asking the House committee on banks and financial institutions to focus on making the terms more equitable for credit cardholders reeling from high prices and costly credit.
On several occasions, consumers have expressed also their desire for the committee to look into interest charges prevailing in the alternative credit market such as pawnshops, small investor lending companies, and informal lenders engaged in “five-six” operation.
Deputy Gov. Nestor Espenilla of the Bangko Sentral told a House committee recently that the amended Usury Law has removed the ceiling on interest rates, effectively leaving the setting of the rates to competing market forces.
He said the Usury Law’s suspension has resulted in the expansion of credit, meaning that more people can now borrow. This indicates that interest rates have been reasonable and generally acceptable to credit cardholders since the law was amended.
Espenilla cited data showing that out of 3 million credit cardholders, only .01 percent has complained to the Bangko Sentral about excessive interest and other charges.–Federico D. Pascual Jr. (The Philippine Star)
Nov 16 – International Day for Tolerance
“No more toleration of corruption!”
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
#Report Corruption #SearchPosts #TakePicturesVideos
November
Nov 2 – Intl Day to End Impunity for
Crimes Against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 – Intl Day for the Elimination of
Violence Against Women
Monthly Observances:
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
National Consciousness Month
for Punctuality and Civility
Environmental Awareness Month
National Children’s Month
Organic Agriculture Month
Weekly Observances:
Nov 19-25: Global Warming and
Climate Change Consciousness Week
Nov 23-29: National Girls’ Week
Population and Development Week
Nov 25 – Dec 12: Social Welfare Week
18-Day Campaign to End
Violence against Women
Week 2: Week 3: Drug Abuse Prevention
and Control Week
Last Week: Safety and Accident
Prevention Week
Daily Observances:
Last Saturday: Career Executive Service
Day
Nov 19: National Child Health Day
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