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Advocates for Truth in Lending, Inc. & Eduardo B. Olaguer Vs. Bangko Sentral Monetary Board, Represented by its Chairman, Governor Armando M. Tatangco, Jr., etc.

ADVOCATES FOR TRUTH IN LENDING, INC. and EDUARDO B. OLAGUER, Petitioners, vs. BANGKO SENTRAL MONETARY BOARD, represented by its Chairman, GOVERNOR ARMANDO M. TETANGCO, JR., and its incumbent members: JUANITA D. AMATONG, ALFREDO C. ANTONIO, PETER FA VILA, NELLY F. VILLAFUERTE, IGNACIO R. BUNYE and CESAR V. PURISIMA, Respondents.

G.R. No. 192986 | 2013-01-15



EN BANC

D E C I S I O N

REYES, J.:

Petitioners, claiming that they are raising issues of transcendental importance to the public, filed directly with this Court this Petition for Certiorari under Rule 65 of the 1997 Rules of Court, seeking to declare that the Bangko Sentral ng Pilipinas Monetary Board (BSP-MB), replacing the Central Bank Monetary Board (CB-MB) by virtue of Republic Act (R.A.) No. 7653, has no authority to continue enforcing Central Bank Circular No. 905,1 issued by the CB-MB in 1982, which "suspended" Act No. 2655, or the Usury Law of 1916.

Factual Antecedents

Petitioner "Advocates for Truth in Lending, Inc." (AFTIL) is a...