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Philippine Studies Leb$) "De$ ('/++0'), Ä'+
Philippine Studies Leb$) "De$ ('/++0'), Ä'+
Philippine Studies Leb$) "De$ ('/++0'), Ä'+
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Usury io tie Phappi~esToday -
G. W. HEALY
Charity may even demand that the creditor lower the rate or
waive his right to interest. If this would cause a serious in-
convenience to the creditor he would not have to make the
loan; but if he did make the loan and charged interest, he
would be sinning against charity, though not against justice.
Social justice demands that the condition of the farmer
be radically changed to liberate him from the need of borrow-
ing to meet the necessities of life. In the meantime, whiIe
such changes are being introduced, changes that are of neces-
sity painfully slow, private individuals should enter the field
of short-term small loans a t low rates of interest. In the
absence of such private enterprises the Government has a n
obligation to supply ihe need of the farmers. Charity and
social justice forbid any raising of the legal rates of interest,
rather they postulate the lowering of said rates as President
Magsaysay has already done for all loans between farmers
and their landholders, setting the maximum legal rates of 8%
per calendar year on loans and advances obtained by the ten-
ants from his landholder, and 10% interest on outstanding
debts found to exist a t the end of each agricultural year.
Although we have concentrated on the fanner the same
principles apply to rates of interest to be charged on a loan
made to any urban resident or industrial worker.