Collectors ( and Self-style Moralists) are fond of quoting this :
" Ang Utang Dapat Bayaran"
To which the Supreme Court says :
We can not consider the rate "usurious" because this Court has consistently held that Circular No. 905 of the Central Bank, adopted on December 22, 1982, has expressly removed the interest ceilings prescribed by the Usury Law and that the Usury Law is now "legally inexistent."
However,The Supreme Court further says :
Nevertheless, we find the interest at 5.5% per month, or 66% per annum, stipulated upon by the parties in the promissory note iniquitous or unconscionable, and, hence, contrary to morals ("contra bonos mores"), if not against the law.
If not being able to pay is immoral, what can you say about THEM?
Thought of the Week:
What is legal does not necessarily mean moral