The Rotary Balita no. 608 (November 11, 1948)

A symposium of collection ideas in the October Rotarian brings to mind that very soon again in Manila the extension of credit and the collection of accounts will assume an important place in most businesses. Until recent months there has been very little installment sailing because money flowed freely and commodities were scarce. It is obvious that the first rush to buy and everything available is over and that people are not quite so anxious to dispose of their pesos. So there's tougher competition for those pesos and sellers of many items are beginning to offer installment credit. Right now, then, would be the proper time for businessmen to get together to formulate general policies to protect both themselves and the buying public. The public needs to be protected from unscrupulous sellers who inject usurious and unfair clauses into their contracts. Businessmen need protection from the buyer who purchases too many things on credit and can not pay for them. A committee composed of men from the various chambers of commerce and Rotary could, if it took its work seriously, draw up a code of ethics for the credit and collection side of all businesses which would, given the right kind of publicity, prevent most of the abuses attendant upon installment selling. Now, when this business is just getting under way again, is the time to channel it in the right direction.