Until Debt Do Us Part - The Business of Usury

There is a need to protect consumers from unscrupulous practices in lending. In 1982, the Central Bank issued circular 905 which suspended the usury law, Republic Act 2655 amended under Presidential Decree 116 which was upheld by the Supreme court (SC). The circumstance surrounding the suspension of the law looks mystifying, how could the Central Bank suspend a law? However, 1982 was a different time altogether being Martial law. This is not very comforting. The usury law should be reinstated.

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