Home » Post Item » Supreme Court opines 3% monthly credit card interest is iniquitous and unconscionable
Supreme Court opines 3% monthly credit card interest is iniquitous and unconscionable
Tuesday, October 13th, 2009
Justice Presbiterio Velasco, a graduate of the U.P. College of Law, penned what I think is the best decision in Philippine credit card history. In Macalinao v. BPI, he made mention that the 3% monthly charge credit card companies are charging “is indeed iniquitous and unconscionable.”
It is in the opinion of the Honorable Supreme Court that an interest rate of 1% monthly and another 1% penalty charge or a total of 2% per month or 24% per annum is “in line with the prevailing jurisprudence and in accordance with Article 1229 of the Civil Code.”
Thank you very much Justice Velasco for this decision. Truly, this will benefit those who were devastated by the recent typhoons.
To read the case in the original (not the digest, haha) click here.
Previous Comments
so it says in your article na opinion ng supreme court……so ano next step dito in being able to hopefully make this into a reality soon? =)
Posted by airmichaels at October 13, 2009, 10:31 amSince it is the opinion of the Supreme Court in their decision, it is already law by virtue of jurisprudence. If you are having a hard time paying your high interest, demand your bank to lower it citing the abovementioned Supreme Court case. If they don’t give in, sue them. You have a Supreme Court decision, which is already final, to back you up.
Posted by aaron at October 13, 2009, 10:48 amnice & interesting!:) thanks PGB:)
Posted by sam at October 13, 2009, 11:33 amgaling ni pinoy gossip boy ah! hehe
Posted by soktu at October 14, 2009, 2:22 pmsino to? LOL
Posted by aaron at October 14, 2009, 2:41 pmwe are always in the mercy of credit card companies bec, they know that they have big and well known law firms/lawyers to pursue their claims. its about time that they should be stop. thank you justices for being pro people.
Posted by alex morillo at November 21, 2009, 8:32 pmU-boat watches are the domain of Linde Werdelin. Morten Linde and Jorn Werdelin’s Tag Heuer replica making company manufacturer excellent timepieces for people through their coorperation. The Graham watches are famous because of the Rolex watches and the good-looking design. By combining both analogue and Franck Muller for sale, Linde Werdelin have produced the best mens Rolex for sale and precision instruments.Now is the time of the Jaquet droz replica, special edition-the 3-Timer Racing series. This is based on previous replica replica omega , but the launch of this very special male timepiece coincided with the chopard replica in Singapore. As a nod to this replica Baume & Mercier , the sport Rolex replica new series has the model name ‘Racing’ engraved on the case-back and is available in two colour variations of replica Rolex and Breitling replica limited to nine pieces for omega watches.The design of Ferrari for sale is well thought out and even better executed. The indexes are placed closer to the edge of replica Rado while the bidirectional 24-hour bezel is polished on the facets while the red or yellow 24-hour markings correspond to the colour details on the case screws and calfskin straps.Each Patek Philippe watches has the capacity to attach dive and ski instruments. The Rock and The Reef instruments securely clip on top of the replica Bell & Ross to amplify the sporting experience whether in the mountains or in the sea respectively.These very special Montblanc for sale also carry an automatic mechanical movement and have a 42-hour power reserve.The best sports omega for sale I have seen by a long chalk.The 3-Timer Racing series are available from some famous online stores. They are sold at about â¬5,280. Well, these Tudor watches are expensive to many people. But they are really worth to own. It is good to collect them. The Burberry watches dial is what that attracted us most about Jacob & Co.’s Alain Silberstein for sale. It is more than a time-telling tool, it is actually a map of Manhattan. What is more, it is Rado replica and thus appreciated as jewelry rather than just as timepieces. The case of this very luxurious and sophisticated ebel for sale is crafted from an 18 carat rose gold which creates the irresistible glow along with its very attractive diamond embellishments. Like the other DeWitt for sale, this timepiece is also matched with brown alligator leather strap. It is not only the case that is luxurious about this Concord for sale because it also has a dial made of rose gold. The hour markers of this Baume & Mercier replica, except for 12, 3, 6, and 9, are presented by using blocks like detailing in gold getting its silhouette from New York’s buildings. It also has streets from Manhattan written beside these “building” hour markers. The 12, 6, 3, and 9 hour numbers of this Glashutte watches are embellished with diamonds to make it more luxurious and to match the center of the Hublot for sale in square with baguette diamonds. Inside this square lie the small gold hands also surrounded by small diamonds. As a vivid representation of Manhattan by Jacob & Co, this Manhattan Streets on Jacob & Co. Baume & Mercier for sale is a must-have item for Tudor replica collectors, but it is not easy to get one because of its limited pieces.
Posted by replica watches at October 13, 2010, 11:09 am














yey! this should be implemented ASAP
Posted by Rygel at October 13, 2009, 1:22 am