Thank you again for the additional info, RE: link to PD 116. It looks better than another link I read about PD 116.
President Noynoy Aquino should either repeal or confirm that PD 116 because it can be argued to be Null & Void. Why?
It is founded on a defunt basis, that is, Martial Law Regime. And the Philippines has long been freed from Martial Law.
Here is the part I am referring to.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, and in order to effect the desired changes and reforms in the social, economic, and political structure of our society, do hereby order and decree the amendment of Act No. 2655, as amended, as follows:
(PD 116 details not included)
As can be seen, the Order & Decree was "pursuant to Proclamation No. 1081, dated September 21, 1972".
But that foundation no longer exist. Congress already has the upper hand to change the Usury Law, while the old Usury Law should have taken effect upon lifting of Proclamation No. 1081 decades ago.
All laws pertaining to Martial Law and the socio-economic and political structures founded on it should have been reversed to the substance of the latest Philippine Constitution.
As a matter of fact, the Civil Code still refers to the Usury Law enacted by Congress.
What is your legal opinion about this?