The Cebu Provincial Board yesterday approved a resolution expressing support to the public call of the Bangko Sentral ng Pilipinas against several spurious pawnshops in the country.
This developed after the BSP received numerous complaints from pawners in the country about “bogus” pawnshops.
The BSP urges the public to deal business only to pawnshops having complete permits issued by the local government units where they are operating, and are duly registered with the BSP.
Obviously, a pawnshop that has no necessary permits is deemed illegal.
The BSP also appeals to the public to transact business only within the premises of the pawnshop.
“They should also be aware of the interest rate and other charges, if any, collected by the pawnshop. Pawners should also determine if such interest rates are either on daily, monthly or yearly basis,” the resolution authored by Provincial Board member Victor Maambong read.
Likewise, quoting the BSP, the resolution advised the pawners to demand a pawn ticket every time they transact business with the pawnshops.
That pawn ticket must contain the terms and conditions of the loan, the resolution said.
Usually, a pawner has at least 90 days to redeem his pawned item from the maturity of the loan.
If the maturity date already lapsed, the pawnshop would notify the pawner that his pawned item would be sold in a public auction within the 90 days period.
The PB will furnish copies of said approved resolution to all barangay officials so they can help disseminate the information to their constituents and for their guidance. — Gerome M. Dalipe/MEEV