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6th District's Provincial Board member Glenn Anthony Soco. (PNA file photo by John Rey Saavedra) CEBU CITY - A member of the Cebu Provincial Board (PB) on Monday filed a proposed ordinance that will regulate interest rates and fees of small-time lending companies offering loans but eventually pushed household owners and small-scale entrepreneurs into "debt traps". Glenn Anthony Soco, Cebu's 6th district PB member and chair of the committee on commerce, wanted a ceiling on nominal interest rates at 6 percent per month of 0.2 percent per day, and an effective interest rate of 15 percent per month or 0.5 percent per day for late payment and for failure to pay. Apart from the interest limit, Soco said a cap on penalties for late payment or non-payment at 5 percent per month on outstanding scheduled amount due should be put in place, as well as a total cost cap of 100 percent of total amount borrowed regardless of time the loan has been outstanding. Soco said the province&

Bangko sentralGlenn anthony socoExchange commissionFinancing companyLending company regulationCebu provincial boardAnthony socoTyphoon odetteRepublic actFinancing company actLending company regulation act6th district 39s provincial board member glenn anthony soco pna file photo by john rey saavedra cebu citya of the pb on monday fileda proposed ordinance that will regulate interest rates and fees small time lending companies offering loans but eventually pushed household owners scale entrepreneurs into quot debt trapsEbu 39s 6th district pb member and chair of the committee on commerceAnteda ceiling on nominal interest rates at 6 percent per month of 0 2 dayNd an effective interest rate of 15 percent per month or 0 5 day for late payment and failure to pay apart from the limitOco saida cap on penalties for late payment or non at 5 percent per month outstanding scheduled amount due should be put in place