Pasay pawnshops asked to lower interest rates

MANILA, Philippines — The Pasay City Council has approved a resolution “encouraging” all pawnshops in the city to lower their interest rates for personal items being pawned by struggling residents during the Luzon-wide lockdown.

The resolution sponsored by Councilor Arnel Regino Arceo and signed last week seeks to help families in the working and informal sectors which are finding it hard to earn money for their basic needs.

“Many people have lost their jobs due to the enhanced community quarantine, forcing some of them to pawn their belongings to buy essential commodities,” Arceo said.

—Jodee A. Agoncillo