Foreigners (13a) and loans

If a foreigner has been living in the Philippines for years, is married to a Filipina, and has a verified 13a PERMANENT RESIDENT VISA...

Is it legal for a business to refuse a loan "because you're a foreigner"?

Background: Loan was for a cheap motorcycle, valued at less than 130k PHP.

Did his nationality changed to Filipino? most probably no since he only has a permanent residence visa.

Foreigner is not a Filipino citizen..."FOREIGNER", but has a permanent resident visa 13(a), is married to a Filipina, and has been living in the Philippines for 4 years.

All I am asking is:

Is it legal for a business to deny a loan "because you're a foreigner" if you are legal to transact business like this according to the Immigration office?

The business has the sole authority to decide who they will give their loans to. There is no law that will compel any business to force them to give out a loan to someone who they deemed not eligible.

IMHO being a foreigner, you have the option to return to your country whenever you want. Hence, if you returned while the loan has not yet been paid, it will be hard for the company to chase you. I think this risk is what they want to prevent.

Anyway, since you have a Filipina wife, why not put the loan under her name?

Truthfully, the reason why I had not done that already is that I am planning in the future to apply for citizenship. I want a paper trail that shows I am a good citizen, I pay my bills, and if I can build credit here, it would show that I am trustworthy.

I'm taking things in small steps as much as I can to build a life. It's just very frustrating to be refused at every turn.

armygruntjoe wrote:Truthfully, the reason why I had not done that already is that I am planning in the future to apply for citizenship. I want a paper trail that shows I am a good citizen, I pay my bills, and if I can build credit here, it would show that I am trustworthy.

I'm taking things in small steps as much as I can to build a life. It's just very frustrating to be refused at every turn.

It's common foreigners are treated some EXTRA unfair, but much happen which is very unfair specialy to poor Filipinos too.

Although other poster is right, lenders can decide who to lend to of ANY reason, even without telling why. And both foreigner and a motorbike can leave the country. I don't know but brokers say it's often approved when the collateral is real estate so it can't be moved

Many Filipinos are refused too, even when it's for proper prepared business, which a government program were MADE to support poor to start businesses. So a Filipino, who I know a bit, got very frustrated when he came with his propermade business plan, but handler refused because the poor didn't have collateral!! OF COURSE poor don't have collateral normaly, because that's a part of being poor...
And banks normaly demand a FILIPINO business to be up and running at least 3 years before banks even think of giving a loan! If it's a good businesses then no loan is needed after 3 years...

(Compare:
In my home country, I went to a bank and did draw some predictions from my head on a paper siting there Within less than an hour the bank doubled the start capital I had saved...
Btw - in less than 6 months I didn't need that check credit anymore, did even beat my predictions