Rep. Marcoleta led the filing of a measure that seeks to regulate the "paluwagan" system.

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 SAGIP Party-list Rep. Rodante Marcoleta led the filing of a measure that seeks to regulate the "paluwagan" system.

Marcoleta said the system is not without its downsides. 

"Although paluwagan has been in existence since time immemorial, the practice remains informal and unregulated. Anyone can form a group through verbal agreements. It is not regulated by any governmental body," 

said HB No.7757.

"Since the system only relies  on trust, it also becomes prone to fraud. Since most paluwagan [systems are] unregistered and undocumented, it is hard to prove claims of losses and damages in court," 

it further said. 

Under the measure, an independent agency to be called Paluwagan Microfinance Administration will be created. And the Paluwagan Insurance Fund, which will protect members of insured paluwagan in case of cessation of business. 

📸: #ManilaBulletin | https://bit.ly/www_faceboook-mystories_orig_post


Read more: 🔗

https://mb.com.ph/2023/4/15/last-in-line-for-paluwagan-marcoleta-bill-can-spare-you-the-headache

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