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BSP warns against pawnshop malpractices

We received another email inquiring what to do when the item pawned could no longer be returned because, according to the pawnshop or sanglaan, the item was lost due to robbery. Incidentally, the Bangko Sentral ng Pilipinas (BSP) issued the following media release, warning the public against certain malpractices committed by pawnshops or sanglaan. Here's the full text of the BSP media release:

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Negosyo: Sagot sa Kahirapan?
 
We’ve previously noted this tagline – “negosyo, ang sagot sa kahirapan.” Business is the answer to poverty (or maybe there's another translation). At first glance, the logic behind this tagline appears to be simple. Successful entrepreneurs generate employment, reducing unemployment rate (although we are still to define who are Pinoy Entrepreneurs). Work for more people is a good sign of progress – although this may be too simplistic considering that economic gains may not necessarily trickle down to the poor.
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Entrepreneurship, Innovation and Sari-Sari Stores
There’s an estimated 700,000 sari-sari stores throughout the Philippines. That’s roughly 1 sari-sari store for every 130 Filipinos. Along a 50-meter stretch of road in a squatter area somewhere in Malabon, there are around 45 sari-sari stores. I’m interested to know if there’s a study correlating the number of sari-sari stores with the economic condition of the surrounding area – the more sari-sari stores in an area, the poorer the population.
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