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Armed Forces and Police General Insurance Corp. to cease operations

THE ARMED FORCES and Police General Insurance Corp. (AFPGen) has ceased its operations as a non-life insurance firm as the business is no longer financially viable, the Insurance Commission said yesterday.

Insurance Commissioner Dennis B. Funa said in a statement on Tuesday that AFPGen has voluntarily surrendered its license to sell non-life insurance products and has applied for a servicing license instead.

While the insurer’s 2018 net income was compliant with the P550-million net worth requirement, Mr. Funa said AFPGen has seen the financial health of its insurance business “continuously erode” in the past years.

“While the company’s net worth as of end-2018 is compliant with the existing P550-million net worth requirement, the company said that it is no longer viable to maintain its insurance business considering that its financial health continuously eroded in the last six years,” Mr. Funa was quoted as saying in the statement.

Under Republic Act 10607 or the Amended Insurance Code of the Philippines, new industry players are required to have P1 billion in paid-up capital, while existing insurance companies need to maintain a paid-up capital of P550 million by December 2016, P900 million by December 2019 and P1.3 billion by December 2022.

Mr. Funa said all of AFPGen’s issued policies prior to its surrender of its license remain valid, existing and binding.

An overseer has been appointed to monitor the company for its compliance with all of its outstanding liabilities to its stakeholders, the official said.

“Now as a servicing insurance company, AFPGen’s operation is limited to servicing its existing policyholders. All insurance contracts and policies issued by AFPGen shall remain to be valid and AFPGen is required to fulfill its obligation under these contracts,” Mr. Funa added.

The withdrawal and cessation of AFPGen’s operations will only be approved by the IC after it has settled al its obligations to clients and the creditors.

According to AFPGen’s 2018 annual report, it has issued 65,568 non-life insurance policies, the bulk of which were for migrant workers and motor cars.

Established in 1977, the company caters to the non-life insurance needs of the country’s military and police organizations. — BML

LRT-1 operator’s ISO certifications renewed

LIGHT Rail Manila Corp. (LRMC), the operator of Light Rail Transit Line 1 (LRT-1), has renewed two ISO certifications of its compliance to international standards in quality management and environmental management systems.

The company said in a statement Tuesday it received an ISO 9001:2015 and ISO 14001:2015 certification from third-party auditor TUV Rheinland.

Receiving an ISO 9001:2015 certification means the company was able to “consistently provide products and services that meet…statutory and regulatory requirements.”

Meanwhile, an ISO 14001:2015 certification means that a company promotes systems that focus on enhancement of environmental performance, fulfillment of compliance obligations and achievement of environmental objectives.

“We are happy to share this achievement because it is a result of our teamwork and commitment to quality. LRMC is committed to pursuing initiatives to modernize and improve LRT-1…,” LRMC President and Chief Executive Officer Juan F. Alfonso was quoted as saying in the statement.

Specifically, LRMC said it was commended for improved passenger queueing, shorter train headway, reduced cycle time and increased daily trips.

“With the privatization of the country’s oldest railway system, we were able to improve the safety, security and cleanliness of the stations as well as the quality and efficiency of services offered to customers,” LRMC Director for Health Safety Environment and Quality (HSEQ) Andrea Mellind C. Madrid said.

LRMC holds the 32-year concession to operate, maintain and develop LRT-1, which it took over in September 2015.

The company is a consortium of Ayala Corp.’s AC Infrastructure Holdings Corp., Metro Pacific Investments Corp.’s (MPIC) Metro Pacific Light Rail Corp. and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd.

MPIC is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group. — Denise A. Valdez

Record-high dollar reserve level sustainable, seen rising further

THE COUNTRY’S record-high reserves are expected to climb further due to remittances.

THE ALL-TIME HIGH gross international reserves (GIR) posted as of September is sustainable and will continue to rise as remittances are expected to pour in ahead of the holiday season, officials said on Tuesday.

Asked whether the GIR level — which hit $86.163 billion as of September — will be sustainable, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno told reporters on the sidelines of The Asset’s Philippine Forum: “Yes. Hindi pa nga tayo December e. Nagpi-pick up ‘yun kasi nagpapadala ng mga remittances ‘yung mga OFWs (overseas Filipino workers). (We haven’t even reached December yet. GIR will pick up by then because of the remittances sent by OFWs).”

During the same event, Department of Finance Secretary Carlos G. Dominguez said the all-time high figure is a positive development.

“It’s good. Better than the other way. This will go along to make people confident that the currency is stable,” Mr. Dominguez said.

“Parang (It’s like) that’s our first line of defense as a buffer. So anybody who speculates against the peso, they should consider that,” Mr. Diokno told reporters.

The country’s foreign reserves strengthened to a record high at end-September as the national government’s bigger foreign currency deposits offset payments for servicing foreign exchange obligations, the BSP reported on Monday.

The end-September GIR was equivalent to 7.5 months worth of imports of goods and payment of services and primary income, the central bank said.

It was also equivalent to 5.4 times external debt falling due within 12 months and 3.9 times such short-term debt plus principal payments on medium- and long-term loans of the public and private sectors falling due within 12 months.

“The more than ample store of GIR will help build credibility in the BSP’s ability to provide dollar liquidity in times of need,” ING Bank NV-Manila Branch senior economist Nicholas Antonio O. Mapa said in an email. “The current level of GIR is more than five times our short term foreign currency debt, which should serve notice against would be currency speculators.” — L.W.T. Noble

Arts & Culture (10/09/19)

Recycling trash into art

THE Goethe-Institut in partnership with IFA (Institut für Auslandsbeziehungen), and the Vargas Museum in UP Diliman presents Pure Gold — Upcycled! Upgraded!, an exhibition that highlights re- and upcycling in design. Composed of 76 pieces by 53 designers from seven regions in the world, Pure Gold is currently touring the world and will count Manila as one of its stops this year. The exhibit with the theme of upcycling — the re-use of raw materials that have already been processed to create new objects of greater value — aims to raise awareness of alternative production techniques, while simultaneously pointing up contemporary European and non-European design developments. The exhibit opens on Oct. 23, 6 p.m., with its curator Volker Albus present. Admission is free for the opening. On Oct. 24, Mr. Albus will give a talk about upcycling in Europe and about Pure Gold followed by a curator walkthrough of the exhibit from 10 to 11:30 a.m. Interested participants can contact James Tana at +63915-817-5314. The exhibit will be on public view from Oct. 24 to Nov. 23, 9 a.m. to 5 p.m., at the Vargas Museum, Roxas Avenue, University of the Philippines Diliman Campus, Diliman, Quezon City. The admission fee is P30, with discounts for students, seniors and PWDs.

West Gallery’s current exhibitions

WEST GALLERY has several exhibit which are ongoing until Oct. 26. There is Fractured Perfection, featuring works by brothers Olan and Manok Ventura, which looks at the myriad ways in which the Internet and digital technology affect our visual experience and encounter of images, their circulation and reproduction. All their pieces are derived from the canons of the Renaissance and Baroque. There is also Submerged Narratives, in which artist Keiye Miranda returns to the theme of water; and Small Doses of Palatable Poison in which Efren Madlangsakay paints variations of this modern-day addiction to sugar as ice-cold, fizzy drink, caramelized popcorn or soft, gummy bears. These are interspersed with cross-sections and close-ups of body parts, of the organs used to consume and partake of these food items. Meanwhile, the gallery’s existing seven-digit landline numbers with area code 02 will be migrating to the new eight-digit landline numbers. The gallery’s new landline numbers are: +63 2 3411-0336 and +63 2 3411-9221.

WSK X: WSK Festival of the Recently Possible

A DECADE-OLD platform that aims to advance artistic positions reflecting on the impact of new technologies on people and culture, WSK is celebrating the 10th edition of Festival of the Recently Possible with a diverse set of events that showcase the cross-sectional relationships between art, sound, and technology with artists from across the globe, from Oct. 15 to 28 at multiple locations in Manila. This year, WSK X partners with Nusasonic, a creative collaboration between YES NO KLUB (Yogyakarta), WSK Festival of The Recently Possible (Manila), Playfreely/BlackKaji (Singapore), CTM Festival (Berlin). Nusasonic is a multi-year project that will review a broad spectrum of experimental sound and music cultures in Southeast Asia, enabling dialogue not only within the region but also with Europe. Nusasonic is an initiative of Goethe-Institut Southeast Asia. WSK X will kick off with Stay: Sine Wave Orchestra Exhibition, a participatory installation open to the public, which will be held at the Areté on Oct. 15. WSK X will be holding a series of concerts, residencies, hacklabs, exhibitions, workshops, forums, and open art science projects. For details visit website wsk.io and www.facebook.com/WSK.io/.

How PSEi member stocks performed — October 8, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, October 8, 2019.

 

Domestic spending seen as key to surviving trade war fallout

THE Philippines is starting to feel the impact of the US-China trade war but can manage the turbulence by increasing domestic spending, Finance Secretary Carlos G. Dominguez III said.

Speaking to reporters on the sidelines of The Asset Philippine Forum in Taguig, Mr. Dominguez said demand for Philippine products is falling due to the trade dispute between Washington and Beijing.

“It’s unfortunate that the trade war is creating a drop in demand for our products… People are cautious about making investments because they don’t know where they’re going. Our biggest strategy is to accelerate our domestic spending but (maintaining a) reasonable deficit,” he said.

When asked about the pace of government spending this year, he said the first six months’ performance has been “lousy,” due to the delay in the 2019 budget, which dampened disbursements, as did the spending ban that came with the midterm elections.

“But as I said, we are not driving a Ferrari. When we step on the gas, it doesn’t go from 0-60 in three seconds. It takes a bit of time for bureaucracy to get going, but it’s on the right track,” he said, adding that National Treasurer has informed him that government spending picked up in recent months.

National Treasurer Rosalia V. De Leon also told reporters yesterday of the improvements in government spending in recent months.

“It’s really been picking up in the past two months. So even for October, first week we’ve seen very high disbursements, so if this trend continues, then we see… the deficit levels (heading in the direction of) 3.2%” as a proportion of gross domestic product (GDP), Ms. De Leon said, adding that the Treasury has seen “double-digit growth” in spending in September and early October.

According to the Treasury, expenditure rose 8.78% year-on-year to P282.2 billion in August, after a 13.61% climb in primary expenditure, which excludes interest payments.

In his keynote speech at the forum, Mr. Dominguez said that the government’s three-pronged strategy focuses on “prudent fiscal and stable monetary policy” to bolster growth, while raising spending on infrastructure modernization and human capital development, and implementing the remaining packages of the Comprehensive Tax Reform Program (CTRP).

Mr. Dominguez said that the Philippines has obtained some investment deals as a result of President Rodrigo R. Duterte’s visit to Russia, although he provided no details.

“We don’t know exactly how much the investment deals are but they’re quite significant. And you have to remember that we don’t really have a big relationship with Russia and I think the trip of the President opened up avenues for increased contact with the Russians like tourism investment. They’re very interested to look at our infrastructure projects, particularly in power,” Mr. Dominguez said. — Luz Wendy T. Noble

DoF says faster corporate tax reduction a risk to credit rating

THE Department of Finance (DoF) has warned against reducing corporate income taxes “too quickly” to avoid worsening the deficit and increasing the risk of a credit rating downgrade.

Finance Secretary Carlos G. Dominguez III said the current proposal to reduce corporate taxes over 10 years is a “long period” which is necessary if the government is to maintain the deficit at a little over 3% of Gross Domestic Product.

“I agree that it’s a long period but we have a choice here… If we drop the rates too quickly, we are going to balloon our deficit and ballooning our deficit is going to probably mean a credit downgrade,” Mr. Dominguez said during the The Asset’s 14th Philippine Forum in Taguig City yesterday, when asked about the possibility of shortening the time frame for reducing corporate income tax.

“If a credit downgrade happens, everybody’s interest rate goes up so what’s the use of it?” he said.

Under the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill, the corporate income tax rate will be gradually reduced to 20% by 2029 from the current 30% while removing redundant tax incentives.

He also said that streamlining incentives will not drive away foreign investors since incentives are only part of the decision-making process.

“I believe that when foreigners make investments they want to see stability in policy… fairness of the legal system they want to see safety of their personnel, they want to see improvements in the infrastructure and lower cost and finally, they want to see what incentives there are,” he said.

Mr. Dominguez said studies by several multilateral banks showed that investors do consider tax perks but they will not be the sole basis for making an investment.

CITIRA has hurdled final reading at the House of Representatives while its counterpart legislation is pending at the Senate.

Meanwhile, he clarified that the government is not against the Philippine Offshore Gaming Operator (POGO) industry but is mainly interested in its compliance with tax law.

“The law says, everybody who works in the Philippines whether they are foreigners or domestic workers have to pay taxes… Follow the law, withhold the taxes as required by law… If I were the landlord, pay your taxes or else you’re going to be shut down,” he said. — Beatrice M. Laforga

Safety nets urged in case CITIRA results in ‘unintended consequences’

THE government must have safety nets in place because the ultimate impact of its incentive rationalization program on employment is unknown, Ateneo School of Government Dean Ronald U. Mendoza said Tuesday at an investment forum organized by the Philippine Economic Zone Authority.

He said that the rationalization of incentives, embodied in a bill that, if passed, will be known as the Comprehensive Income Tax and Incentives Rationalization Act (CITIRA), must be accompanied by plans to deal with possible layoffs.

The Joint Foreign Chambers of Commerce has warned that the bill will result in the job losses, while the Department of Finance contends that the bill will ultimately create 1.5 million jobs.

“The clear challenge at present is to better understand the consequences of reform roll-out so that government and the private sector are better prepared for any potential unintended consequences and in order to offer adequate safety nets for the groups most affected by dramatic structural adjustments,” Mr. Mendoza said.

He said the government should take care in interpreting the mixed results of incentives in attracting foreign direct investment, noting that investment decisions are also driven by factors such as market size, labor productivity, and infrastructure.

“Investments in any one country or any one sector are typically made while taking into consideration the aggregate investor landscape — which includes incentives — as well as in other competitor countries which may also host the investment,” he said.

“Our competitiveness and Ease of Doing Business indicators have not dramatically improved in the past few years — all while our competitors have.”

Mr. Mendoza said the government should learn from the roll out of earlier reforms to anticipate unintended consequences.

The Tax Reform for Acceleration and Inclusion (TRAIN) law, which lowered personal income tax and increased consumption taxes, is being studied for its possible role in increased inflation last year. The Rice Tariffication Law that liberalized rice imports impacted farmers due to depressed palay prices.

“Economic reforms must be supported by strong safety nets and adjustment mechanisms to make their full positive impact much more robust and inclusive. Many agencies have to work more effectively together. Otherwise we may see unintended consequences all over again,” Mr. Mendoza said. — Jenina P. Ibañez

RE net-metering scheme expanded to industrial sources

“ENHANCED” rules to encourage greater participation in the government’s net-metering program should be ready by month’s end, allowing commercial and industrial establishments with their own renewable energy generation systems to sell their excess capacity to the distribution utility, the Department of Energy (DoE) said.

The enhancements include allowing these establishments to participate in the department’s program that allows them to contribute to the supply of electricity during power supply shortages or emergency situations.

“There’s two more pubcons (public consultations) for this. We’ll be having [one] on the 10th [of October] in Cebu to cater for the Visayan stakeholders, and then [in] Davao on Oct. 24,” Mylene C. Capongcol, director of the department’s Renewable Energy Management Bureau (REMB), told reporters during the Metro Manila leg of consultations on Tuesday in Taguig City.

Undersecretary Felix William B. Fuentebella said the enhanced rules, which will be issued in a circular, should be ready “within the year, baka (maybe) within the month.

Based on the draft circular, “own-use” renewable energy (RE) systems with a capacity of at least 100 kilowatts (kW) may export their excess energy generation into the grid.

The move is meant to maximize the development and utilization of potential RE resources, while supporting the obligation of the power distribution utilities under the renewable portfolio standards (RPS), or the market-based policy that requires electric power industry participants, including suppliers, to source a portion of their energy supply from eligible RE resources.

“We’re now introducing the concept of renewable energy installed at the consumer’s premises or distributed [system by] injecting power into the grid to make more available supply for a particular franchise area,” Ms. Capongcol said.

“The intention is to attain supply security [and] introduce a mechanism in which potential supply will be available, and there’s a regulation and policy in place,” she added.

She said the concept is similar to the interruptible load program (ILP) in which big establishments with their own diesel-powered generation sets are called on by the distribution utility to switch on their systems to help cover the deficiency in power supply.

Mr. Fuentebella said the participation of the establishments are on a voluntary basis. They will also be compensated by the distribution based on the “blended” generation rate or “time-of-use” rate.

The blended rate is the weighted average rate of all the energy generation sources of the utility. The time-of-use rate is an energy pricing scheme that allows a utility to offer rates on the time of day when electricity is generated and the cost of supplying it to customers during these specific periods. — Victor V. Saulon

Agriculture group calls for more tariff protection for rice

A SEGMENT of the agriculture industry is seeking the immediate imposition of higher tariffs on imported rice to provide relief for farmers suffering from competition from foreign grain.

“We are convinced we must change the tariff, because it’s P12 (per kilo) and the farmgate price for palay (unmilled rice) is now P11-P12.40 [per kilo]. They are losing money,” Ernesto M. Ordonez, chairman and co-founder of Alyansa Agrikultura, told BusinessWorld in an interview.

“If you do it now, you stop (imports). You don’t do it now, they will continue until you do it,” he added.

Alyansa Agrikultura is a group of 42 federations and organizations from the agriculture and fisheries sectors. Mr. Ordonez did not say what an appropriate tariff might be.

Under the Rice Tariffication Law, the government liberalized imports of rice while collecting a 35% tariff on Southeast Asian grain.

Agriculture Secretary William D. Dar told reporters in September that rice imports in the March to August period totaled 2.4 million metric tons (MMT), well above the level of imports needed to meet domestic demand, estimated at 1.5 MMT to 2 MMT.

The Philippines is 93% self-sufficient in rice, and needs to import the remaining 7%.

The Agriculture department is looking into imposing possible safeguard measures on rice imports by October, a course of action authorized by the Safeguard Measures Act if the government deems an industry to have suffered harm from unfair foreign competition. — Vincent Mariel P. Galang

NEDA hopes to complete draft of National Land Use Act by end-2019

THE National Economic and Development Authority (NEDA) said it hopes to complete a final draft of legislation that will be proposed as the National Land Use Act within the year, although its eventual form will depend on further input from the various Cabinet members.

“Within the year, we’re hoping,” NEDA Undersecretary for Regional Development Adoracion M. Navarro told reporters on the sidelines of the National Land Use Act for Food Security forum Tuesday in Quezon City.

“We are targeting (end of the year) but we’re not sure kung makukuha namin lahat ng (if we can obtain) endorsements (of the) cabinet clusters,” he added.

The National Land Use Act has been in the works since 1994, during the administration of President Fidel V. Ramos. The legislation was proposed as Senate Bill No. 1522 during the 17th Congress, when it was billed as a “policy for the rational, holistic, and just allocation, utilization, management and development of our land resources.”

In 2017, it made it through the House as House Bill 5240, with five versions of the bill presented in the Senate, where no public hearings were held.

Ms. Navarro said that out of the six cabinet clusters, NEDA has secured the endorsements of the Climate Change Adaptation, Mitigation and Disaster Risk Reduction cluster, and the Human Development and Poverty Reduction cluster.

It has yet to secure endorsements from the Economic Development cluster, Security, Justice and Peace cluster, Participatory Governance cluster, and the Infrastructure cluster.

Currently, land use is regulated by local governments under the authority granted by Section 20 of Republic Act (RA) 7160, or the Local Government Code of 1991, and the Joint Memorandum Circular (JMC) No. 54-1995.

These give a city or municipality the authority to reclassify agricultural land when it is considered unfit for agricultural use. The limits of reclassification are 15% of total land area for highly urbanized and independent component cities; 10% for component cities and first to third class municipalities; and 5% for fourth to sixth class municipalities.

“It’s been 20 years… We hope that understanding would push us towards this direction,” Patrick M. Velez, a partnership expert for parliamentary alliances with the Food and Agriculture Organization (FAO) of the United Nations, told reporters after the forum.

FAO Philippines launched the FAO Legislative Advisory Group-Philippines (FLAG-PH) in January 2018 to help ensure food security and adequate nutrition for the Philippines.

Mr. Velez said the issue of land use is central in his main advocacy of food security.

“It’s a prime concern for everyone. As FAO, we also understand the need for direction on a specific land use. We’re also pushing for a food security framework kasi wala tayo nito (because we do not have this). We get lost in the passage of several other laws na nawawala yung ating (that we lose) attention on the basics,” he said.

“The National Land Use Act will give you a framework on how to address the use of limited resources such as land,” he added.

He also said that the passage of the legislation will provide the government with a baseline estimate of how much land can be allocated for food production, which the Philippines does not have.

“It’s a balance of different forces. You have your business sector, your agriculture sector, and right now malakas yung business sector (the business sector is strong)… but you have to understand the Land Use Act does not only speak of agriculture or food security,” Mr. Velez said.

“Government right now is trying very hard to answer all of these questions but in the absence of a law that provides you a direction medyo mahirap sya (it quite difficult). The framework will also be important,” he noted. — Vincent Mariel P. Galang

Stop debt collection harassment

In these times when loans are easily available through online consumer financing or other private lending companies, when there is easy access to online cash loans without any collateral requirements, complex approval procedures, or prolonged application waiting time, many people resort to purchasing their personal needs and wants by obtaining loans through the aforesaid manner. However, unfair and abusive debt collection practices as a result of these loans often lead to extreme amounts of stress. Often, this practice has contributed to the loss of income or employment, marital instability, medical issues, personal bankruptcies, social embarrassment, and invasion of personal privacy. The borrower feels completely defeated and without energy to pursue a course of action to stop the activities and bring perpetrators to justice.

With this in mind, the Securities and Exchange Commission (SEC) has taken steps to address the widespread use of abusive, deceptive and unfair debt collection practices of many creditors and debt collectors, particularly financing companies and lending companies. The SEC released SEC Memorandum Circular No. 18, Series of 2019 (SEC MC No. 18-19) on the prohibition of unfair debt collection practices of financing companies and lending companies, which became effective on Sept. 7. Issued in response to numerous complaints of alleged harassment of borrowers and the use of abusive, unethical, and unfair means to collect debt, the SEC has somehow given refuge and protection to borrowers.

Similar to Section 4304Q.11 of the Manual of Regulations for Non-Bank Financial Institutions, SEC MC No. 18-19 has identified the following as unfair debt collection practice: (i) the use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person; (ii) use of threat to take any action that cannot be legally taken; (iii) use of obscenities, insults or profane language the natural consequence of which is to abuse the borrower and/or which amount to a criminal act or offense under applicable laws; (iv) disclosure or publication of the names and other personal information of the borrowers who allegedly refuse to pay debts, subject to exceptions; (v) communicating or threatening to communicate to any person loan information, which is known, or which should be known, to be false, including the failure to communicate that the debt is being disputed, subject to exceptions; (vi) use of any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a borrower; (vii) making contact at unreasonable/inconvenient times or hours, which shall be defined as contact before 6 a.m. or after 10 p.m., unless the account is past due for more than 15 days, or the borrower has given express consent that said times are the only reasonable or convenient opportunities for contact; and, (viii) contacting the persons in the borrower’s contact list other than those named as guarantors or co-makers.

Financing and lending companies have been required to adopt policies and procedures to require their personnel handling the collection of accounts to disclose his/her full name or true identity to the borrower. While these companies can outsource collection of debts, they will maintain the responsibility in complying with the proposed circular. Republic Act No. 8556 or the Financing Company Act of 1998, as amended and Republic Act No. 9474 or the Lending Company Regulation Act of 2007 have given the SEC regulatory and supervisory authority over financing companies and lending companies, which justified the imposition of penalties ranging from P25,000 to P1,000,000, as well as suspension or revocation of the certificate of authority to operate as a financing or lending company. This is without prejudice to other penalties that may be imposed pursuant to Presidential Decree No. 902-A or the SEC Reorganization Act, Republic Act No. 11232 or the Revised Corporation Code, and all other relevant laws and regulations.

This could be an important step to stop debt collection harassment. Perhaps our law makers can consider the passage of a Fair Debt Collection Practices Act to further protect consumers against debt collection abuses. Borrowers should also be given the opportunity to verify or validate the debt and dispute such debt when warranted. They should also be afforded the option to stop immediate contact or cease communication from the collector. Persons who feel victimized by unfair and deceptive debt collection practices should have adequate legal remedy against these abuses.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes, and not offered as, and does not constitute, legal advice or legal opinion.

 

Mara Kristina O. Recto is an Associate of the Corporate and Special Projects Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

morecto@accralaw.com

(632) 830-8000.

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