usury in isabela

we all know that usury is alive and well and draining the resources of farmers everywhere in the country. this morning, my bayaw vito texted me if i can spare a few thousand pesos to them. they need the money for the expenses for planting. agpa-raep da idiay palattao, naguilian. since i don't have money, i frankly texted back that i will look for ways. he thanked me by saying "masyado kasing mataas ang porsiyento ng mga nagpapautang dito."

curiously i asked how much. he replied: "ang uutangin mong isang libo, ibabalik mo pagkaraan ng 3 buwan na may kasamang isang kaban palay. mga P600 yun sa kasalukuyang presyo ng palay."

aba e 5-6 nga. very usurious. 20% for every month and that's 60% for 3 months.

ironically, it has been reported in the last few weeks that the micro-finance program of government is going well reducing the interest rates of loans in the countryside. well, maybe the government program has not yet reached the people of palattao in naguilian, isabela.