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{
    "id": 914897,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914897/?format=api",
    "text_counter": 132,
    "type": "speech",
    "speaker_name": "Laisamis, JP",
    "speaker_title": "Hon. Marselino Arbelle",
    "speaker": {
        "id": 13401,
        "legal_name": "Marselino Malimo Arbelle",
        "slug": "marselino-malimo-arbelle"
    },
    "content": " Let me say a word on this one, Hon. Deputy Speaker. Thank you for giving me this opportunity to support this Bill. Banks have always been lending money to borrowers in this country and by doing so; the borrowers are required to provide guarantors. When a borrower defaults on loan repayment, the banks go after the guarantors. So, it is very important that a guarantor should be protected in such a way that the bank should go after the person who has borrowed the money. The bank can ask the borrower to provide collateral. In the event that the borrower does not pay the money on time, then the bank, instead of frustrating the guarantor, can go after the property of the borrower. That way, the banks can easily recover their money. The banks have also been trying to charge unnecessary interest from the person borrowing the money from the bank. By the time the borrower pays the amount of money that he or she has borrowed, it becomes very hard to survive. That is because the amount of interest accrued from the loan will become very cumbersome for the person to pay back the money. With those few remarks, I support this Bill."
}