Onfiscation Of Automated Teller Machine Atm Cards For Payroll And Even Pension Quot These Practices Are Not Sanctioned By Law Thus Illegal News Today : Breaking News, Live Updates & Top Stories | Vimarsana

6th District's Provincial Board member Glenn Anthony Soco. (PNA file photo by John Rey Saavedra) CEBU CITY - A member of the Cebu Provincial Board (PB) on Monday filed a proposed ordinance that will regulate interest rates and fees of small-time lending companies offering loans but eventually pushed household owners and small-scale entrepreneurs into "debt traps". Glenn Anthony Soco, Cebu's 6th district PB member and chair of the committee on commerce, wanted a ceiling on nominal interest rates at 6 percent per month of 0.2 percent per day, and an effective interest rate of 15 percent per month or 0.5 percent per day for late payment and for failure to pay. Apart from the interest limit, Soco said a cap on penalties for late payment or non-payment at 5 percent per month on outstanding scheduled amount due should be put in place, as well as a total cost cap of 100 percent of total amount borrowed regardless of time the loan has been outstanding. Soco said the province& ....

Bangko Sentral , Glenn Anthony Soco , Exchange Commission , Financing Company , Lending Company Regulation , Cebu Provincial Board , Anthony Soco , Typhoon Odette , Republic Act , Financing Company Act , Lending Company Regulation Act , 6th District 39s Provincial Board Member Glenn Anthony Soco Pna File Photo By John Rey Saavedra Cebu Citya Of The Pb On Monday Fileda Proposed Ordinance That Will Regulate Interest Rates And Fees Small Time Lending Companies Offering Loans But Eventually Pushed Household Owners Scale Entrepreneurs Into Quot Debt Traps , Ebu 39s 6th District Pb Member And Chair Of The Committee On Commerce , Anteda Ceiling On Nominal Interest Rates At 6 Percent Per Month Of 0 2 Day , Nd An Effective Interest Rate Of 15 Percent Per Month Or 0 5 Day For Late Payment And Failure To Pay Apart From The Limit , Oco Saida Cap On Penalties For Late Payment Or Non At 5 Percent Per Month Outstanding Scheduled Amount Due Should Be Put In Place , S Well Asa Total Cost Cap Of 100 Percent Amount Borrowed Regardless Time The Loan Has Been Outstanding Soco Said Province 39s Law Making Body Is Informed About Lending Companies Offering Loans Imposing Sky High Interest Rates And Unreasonable Terms Through Quot 5 6 Schemes , Aily Payment Of Interests , Onfiscation Of Automated Teller Machine Atm Cards For Payroll And Even Pension Quot These Practices Are Not Sanctioned By Law Thus Illegal , Uot Soco Said In His Proposed Measure Filed On Monday For First Reading Citing The Effect Of Coronavirus Disease 2019 Covid 19 Pandemic And Typhoon Odette , Oco Said Cebuanos Are Now Struggling Due To Loss Of Jobs While Lending Firms Taking Advantage The Situation Quot Aside From That , Nflation And Skyrocketing Prices Of Oil Caused Citizens To Hold On Offers For Immediate Cash In Order Address The Significant Increase Goods Services , Uot He Said Soco The Circulars Issued By Securities And Exchange Commission Sec Implementing Bangko Sentral Ng Pilipinas Bsp Circular No 1133 , Eries Of 2021 That Imposesa Ceiling On Interest Rates And Other Fees Charged By Lending Companies , Financing Companies , Nd Other Online Lending Platforms The Sec Exercises Regulatory And Supervisory Authority Over Financial Companies ,