MANILA, Philippines --- An advocacy group has informed lawmakers from the House of Representatives that a law placing an eight percent per year interest cap on loans taken by overseas Filipino workers (OFWs) is not being implemented properly. During a hearing held by the House committee on overseas workers affairs on Thursday, lawyer David Castillon of the Advocates & Keepers Organization - OFW (AKO-OFW) claimed that there are cases where OFWs are charged with a 20 percent to 25 percent interest for the loans. Republic Act No. 10022 stated in its Section 5 that part of Section 6 of R.A. No. 8042 or the Migrant Workers and Overseas Filipinos Act of 1995 would now include in the ...
Keep on reading: House told: Law placing cap on OFWs’ loan interest rates not implemented
from INQUIRER.net https://ift.tt/oz0He25
Keep on reading: House told: Law placing cap on OFWs’ loan interest rates not implemented
from INQUIRER.net https://ift.tt/oz0He25
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