Correspondence Reports
Interest rates on loans reduced, corn prices raised in Isabela and Cagayan

Basahin ang artikulong ito sa Pilipino

A SUCCESSFUL simultaneous campaign has been waged in Isabela and Cagayan to reduce usury and raise the prices of the peasants' produce.

Over a hundred barrios in two towns in Isabela stand to benefit from the reduction of interest rates on loans.

In Echague, Isabela, interest for palay bought on credit has been reduced from 35% to 25% per harvest. This was achieved after peasants dialogued with merchants in the town centers from May 16 to 20.

At first, the merchants refused to accede to the peasants' demands and insisted during the first dialogue that they could reduce interest rates by only 5%. Up to 500 peasants joined the first mobilization. They distributed thousands of leaflets and hung several streamers along street sides and in the community centers of ten barrios. They also launched mass meetings.

In Jones, Isabela, the peasants achieved a 50% reduction in interest rates through a dialogue with merchants on May 26. From the former rate of 8% monthly, interest was reduced to only 4% monthly. Aside from this, the usurers also allowed the peasants to sell their produce to other merchants.

Twenty-one barrios in the towns of Baggao and Gattaran, Cagayan stand to benefit from the successful struggle to raise the prices of corn and reduce lending rates.

The price of corn was raised from P6.00 to P6.60 per kilo. Lending rates were reduced from 5-10% to 3% per month.

The campaign, which started in March, targeted four merchants. Three of them acceded to the peasants' demands after a confrontation on May 6. As punishment, the peasants boycotted Boy Lim, the merchant who refused to grant their demands.

21 June 2003
English Edition

	Editorial: Arroyo, US imperialism's candidate in the 2004 elections
	CPP condemns agreement exempting US from ICC prosecution
	Deception in Mindanao: Malaca�ang cooks up schemes for Arroyo's visit
	Correspondence Reports Three important lessons
	Correspondence Reports Interest rates on loans reduced, corn prices raised in Isabela and Cagayan
	Successful NPA offensives 9 soldiers from 52nd Recon Coy killed in NPA counteroffensive
	Dean Armando Malay: A patriotic and democratic journalist and human rights advocate
	NPA frees captured sergeant
	Dvelopments overseas Liars further exposed and repudiated
	Developments overseas More falsification
	Developments overseas Anti-US resistance grows in Iraq and Afghanistan
	Developments overseas The G8's greed in Africa
	News