Borrowing the explanatory note of the late Senator Miriam Defensor-Santiago:

There is abundant evidence of the widespread use of abusive, deceptive, and unfair debt collection practices by many creditors and debt collectors. Abusive debt collection practices have contributed to a number of unwarranted personal bankruptcies, to marital instability, to loss of jobs, and to invasions of individual privacy. Existing laws are inadequate to protect borrowers. In fact, the borrowers’ only recourse is Article 287 of the Penal Code.

The purpose of this petition is to encourage the two Houses of Philippine Congress to make into law the Philippine Fair Debt Collection Practices Act.