The applicability of the Usury Law to the activities of the money market creates a problem whose effects and implications could greatly affect the interests of the commercial community in the Philippines. The problem can be crucial, at least in so far as banking firms and investment houses enaged in the money market are concerned. Money market extends its services at a very unusual or high interest rates depending on the movement of the supply and demand based on the availability of funds.The purpose of this study is to investigate whether the rates of interest being charged in money market are within the purview of the Philippine Usury Law.