EIGHTEENTH CONGRESS OF THE REPUBLIC 
)
OF THE PHILIPPINES 
)
First Regular Session 
)
SENAT 
S.B. NO;ATf i 7 2
o f !!) e  f e i  - r u n p
•19 NOV 13 ?5 :33
Introduced by Senator Maria Lourdes Nancy S. ftifiay ; : ___
AN ACT
CLARIFYING 
THE 
RULE 
ON 
IMPOSITION 
OF 
INTEREST 
ON 
OBLIGATIONS CONSISTING OF LOAN OR FORBEARANCE OF MONEY
EXPLANATORY NOTE
In Nacar vs. Gallery Frames and/or Felipe Bordey, Jr. (G.R. No. 189871, August 
13, 2013) the Supreme Court modified the landmark case of Eastern Shipping 
Lines, Inc. v. Court o f Appeals (G.R. No. 97414, July 12, 1994) to embody 
Bangko Sentra! ng Pilipinas ("BSP") Monetary Board ("MB") Circular No. 799 by 
imposing that the rate of interest for the loan or forbearance of any money, 
goods or credits and the rate allowed in judgments, in the absence of an express 
contract as to such rate of interest, shall be six percent (6%) per annum.
On the other hand. Article 1956 of the New Civil Code provides that no interest 
shall be due, unless it has been expressly stipulated in writing, thus:
Art. 1956. No interest shall be due unless it has been expressly stipulated 
in writing.
In order provide a definite legislative clarification on what would seem to be 
conflicting provisions of the BSP-MP Circular and the New Civil Code, this bill 
seeks to clarify the rule on interest on loan or forbearance of money by providing 
that there shall be no interest due on loan or forbearance of money unless it has 
been expressly stipulated in writing. The rate of interest shall be that is


stipulated by the parties in writing, in the absence of a written agreement, the 
legal rate of interest shall be 6% per annum.
The proposed bill seeks to provide stability to commercial undertakings by 
providing a clear rule on obligations of parties as to payment of interest, as well 
as the rate thereof in the absence of stipulation.
The passage of this bill is therefore earnestly requested.
MARIA LOURDES NANCY S. BINAY 
Senator


EIGHTEENTH CONGRESS OF THE REPUBLIC
OF THE PHILIPPINES
First Regular Session
SENATE
S.B. NO. 1 1 / A
^025-X
h.
of t b "  
r r p t a r p
•19 
NOV 13 
P 5  0 3
Introduced by Senator Maria Lourdes Nancy S. 
p
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AN ACT
CLARIFYING 
THE 
RULE 
ON 
IMPOSITION 
OF 
INTEREST 
ON 
OBLIGATIONS CONSISTING OF LOAN OR FORBEARANCE OF MONEY
Be it enacted by the Senate and House o f Representatives o f the Phiiippines in 
Congress assembled:
Section 1. No interest shall be due on obligations consisting of loans or 
forbearance of money unless it has been expressly stipulated in writing. The rate 
of interest for the loan or forbearance of any money, goods or credits and the 
rate allowed in judgments, in the absence of an express written agreement as to 
such rate of interest, shall be six percent (6%) per annum.
Sec. 2. Repealing Clause. -  All laws, decrees, orders, rules and 
regulations, other issuances, or parts thereof inconsistent with the provisions of 
this Act are hereby repealed or modified accordingly.
Sec. 3. Effectivity Clause. -  This Act shall take effect fifteen (15) days 
after its publication in at least two (2) newspapers of general circulation.
Approved,


SENATE
S.B. NO. 1173
EIGHTEENTH CONGRESS OF THE REPUBLIC
OF THE PHILIPPINES
First Regular Session
■■
s ji 
.■'{ ;!,r #)rrrrfnrp
*19 NOV 13 P5 34
Introduced by Senator Maria Lourdes Nancy S. Binsy
AN ACT
ENSURING THE FUNDAMENTAL EQUALITY OF MEN AND WOMEN 
UNDER THE LAWS ON MARRIAGE AND FAMILY RELATIONS, AMENDING 
FOR THIS PURPOSE EXECUTIVE ORDER NO. 209, OTHERWISE KNOWN 
AS THE FAMILY CODE OF THE PHILIPPINES, AND FOR OTHER 
PURPOSES
EXPLANATORY NOTE
The 1987 Philippine Constitution affirmed the role of women in nation-building 
and endeavors to ensure the fundamental equality before the law of men and 
women. Thus, reforms to the patently discriminatory provisions of the Civil Code 
of the Philippines were removed with the introduction of the Family Code of the 
Philippines. Under the Civil Code of the Philippines the authority of the husband 
over family relations was persistent. For instance, the husband was designated 
as the administrator of the conjugal properties and had the right to object to the 
exercise by the wife of her profession if his income is sufficient to support the 
family. The Family Code of the Philippines eliminated these inequalities, among 
many other provisions which are bias against women.
Despite major reforms to our law on marriage and family relations, there are still 
a number of provisions in the Family Code of the Philippines which prejudice 
against women. The Family Code of the Philippines still recognizes the 
supremacy of the husband's decisions in case of disagreement with the wife 
involving property administration and exercise of parental authority over the 
common children.


These provisions have no place in our law and serve no purpose other than to 
perpetuate discrimination. Consistent with the declaration in Republic Act No. 
9710, or the Magna Carta of Women, provisions of law which engender 
inequality should be abolished.
There have been, in the past, series of proposals to amend these anti-women 
provisions in the Family Code of the Philippines. Regrettably to date, none have 
been enacted into law. It is therefore strongly urged that the passing of this bill 
be granted utmost importance.
In view of the foregoing, the passage of this bill is earnestly recommended.
MARIA LOURDES NAN 
Senator
S. BINAY