Pasay City pawnshops urged to grant lower interest rates

Published April 13, 2020, 12:00 AM

by manilabulletin_admin

By Dhel Nazario

Local pawnshops in Pasay City are encouraged by the city council to grant lower interests rates to those who will pawn their personal items during the coronavirus pandemic.

Pasay City Mayor Emi Calixto-Rubiano had earlier requested the council to pass a resolution that will help Pasayenos cope with challenges brought about by the Luzon-wide enhanced community quarantine (ECQ).

Pasay City Mayor Emi Calixto-Rubiano (Facebook / MANILA BULLETIN)
Pasay City Mayor Emi Calixto-Rubiano (Facebook / MANILA BULLETIN)

“Marami ang nawalan ng hanapbuhay dahil sa enhanced community quarantine, at marami na rin sa kanila ang napipilitang magsangla ng kanilang naipundar para lamang may pambili ng mga basic commodities (A lot of citizens were left jobless due to the enhanced community quarantine, and some of them were forced to pawn their personal items so they can afford to purchase basic commodities),” Calixto Rubiano said.

In a resolution, the council noted that the ECQ has deprived many families who belong to the working and informal sectorsof the opportunity to earn and buy basic needs, as well as to pay for their house rent and utilities.

“This has forced them to pawn their personal properties,” said Pasay Councilor Arnel Regino Arceo.

He said the council resolution is consistent with Republic Act 11469, the Bayanihan to Heal as One Act.

Councilor Arceo cited Section 4 (n) of the law which states that the “…The President shall have the power to adopt the following temporary emergency measures to respond to crisis bought by the pandemic…Ensure the availability of credit to the productive sectors of the economy…through measures such as but not limited to, lowering the effective lending rates of interest and reserve requirements of lending institutions.”

The city council has already passed several resolutions to ease the financial burden on its constituents. Among these are the extension of the payment of taxes, rentals, and fees imposed by the local government, and an anti-hoarding measure.

It likewise deployed Mobile Palengkein the city in coordination with the Department of Agriculture.