Uch As Processing Fees News Today

MANILA - The Securities and Exchange Commission (SEC) has issued the memorandum circular implementing the cap on interest rates and other fees imposed by lending and financing companies, and their online lending platforms (OLPs). SEC Memorandum Circular No. 3, Series of 2022 (SEC MC 3), which will take effect on March 3, provides the guidelines on Bangko Sentral ng Pilipinas (BSP) Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, f...

MANILA - The Securities and Exchange Commission (SEC) has released the draft memorandum circular that will implement a cap on interest rates and other fees by lending and financing companies, and their online lending platforms (OLPs). The proposed guidelines, released on January 27 for public comment, will operationalize Bangko Sentral ng Pilipinas (BSP) Circular No. 1133 Series of 2021, which prescribes the maximum interest rates and other fees charged by lending and financing companies, and th...