From MarketWatch By Robert Powell December 14, 2013 Larry Kotlikoff, a professor at Boston University...
Consumer Act No. 7394 of the Philippines
(enacted in 1992)
Consumer Act No. 7394 of the Philippines of 1992 is the legal basis for consumer protection in the Philippines. Title IV (Consumer Credit Transaction) of the act requires the full disclosure of the true cost of credit transactions and determination of interest and finance charges. It also requires the transmission to the borrower of periodic statements updating this information.