MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) should mandate lower interest charges for pawnshops during the coronavirus pandemic, Cagayan de Oro 2nd District Rep. Rufus Rodriguez said Monday. “An opportunity arises for unscrupulous pawnshops to take advantage and raise interest rates being charged,” Rodriguez said in the resolution. With this, Rodriguez urged the BSP to prescribe lower interest charges, saying that Filipinos should not worry about high interest rates amid this pandemic. “During this pandemic, it is just proper for the BSP to help our fellow Filipinos and mandate that pawnshops charge lower interest rates,” Rodriguez said. These shall also be properly declared in accordance with the Truth in Lending Act,” the circular further states.

Source: Philippine Daily Inquirer September 21, 2020 06:45 UTC