How widespread is usury in the Philippines?

Usury, or the practice of charging excessively high-interest rates on loans, is a significant issue in the Philippines, particularly in the informal lending sector. Many individuals, especially in rural areas, turn to informal lenders due to limited access to traditional banking services, leading to exploitative lending practices with exorbitant interest rates. While the government has regulations against usury, enforcement is often weak, and many borrowers remain vulnerable to predatory lending. This situation has prompted ongoing discussions about the need for stronger consumer protection and financial literacy initiatives.