LESSON 4 : OTHER SOURCES OF CREDIT

Individual Money Lenders

Lending money with interest upon

private lenders or private individual lenders.

People who lend money privately rather than banks or lending companies, they are commonly known as

Those who grant loans as personal accommodation to friends and relatives as a term of gratitude.

Those who make the lending of money a profitable business

The following are 2 kinds of what sources of credit?

Supermarkets

It is largely a brand-new form of retailing

Supermarkets

consist of assembling all kinds of goods including non food items, clothing, shoes hardware and countless others.

Pawnshop

Business establishment engaged in lending money on property delivered as collateral

Pawnshop Regulation act

PD114 is also known as

Pawnshop Regulation Act

In accordance with this, the central bank of the Philippines is charged with the task and responsibility of regulating the operation of pawnshop

Not less than 100,000

Filipino citizen may establish and own pawnshop with a minimum paid in capital of which shall

They will be given a 90-day grace period and will pay the principal and the interest

What happens if the pawner fails to pay on the said due date?

When the sun life assurance company of Canada established a local branch in Manila in October 1898

When was life insurance first introduced in the country?

Insurance Companies

not only limited to underwriting and protection, it also deals with investment of the funds held by them in trust for their for their policy holders.

Social Security System (SSS)

provides financial assistance (loans) to all who are members which are employed in productive activities to earn income as part of its investment operations

Government Service Insurance System (GSIS)

it provides protection to fulfill the needs of employees against unforeseen contingencies in the future; it is compulsory for all appointive officers and employees in the executive, legislative, and judicial branches of the government.

Republic Act No. 2081

The Development Bank of the Philippines was created through what RA?

Rehabilitation Finance Corporation (RFC)

What is the former name of Development Bank of the Philippines?

International Organization

one government borrows from another government or an international funding agency.

World Bank

International Monetary Fund

These are the types of International Organization

Credit Unions

Cooperatives composed of small producers who voluntarily join together to form a business which themselves control and patronized

Trust and Pension Plan Manager

Institutional and personal administration of funds created or constituted for the benefits of others

Filipinization of Credit

the promotion of lending and financing policies that prioritize Filipino individuals, entrepreneurs, farmers, and locally owned businesses, enabling them to obtain loans for economic development