BSP sets interest, penalty ceilings for loans up to P10K
BSP Governor Benjamin Diokno (file photo) MANILA - The Bangko Sentral ng Pilipinas (BSP) has imposed ceilings on interest rates, fees, and penalties for late payments or non-payments for general purpose loans not higher than PHP10,000. In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said the central bank's policy-making Monetary Board (MB) has set a nominal interest rate ceiling of 6 percent per month, an effective interest rate of maximum of 15 percent per month, and a 5 percent per month penalty for late payment or non-payment. He said the circular for these rates has yet...
Source: philippinetimes.com