BSP CIRCULAR NO. 799

: The Monetary Board approved the revisions as stated in Resolution No. 796 dated May 16, 2013.
: The prescribed rate of interest is six percent (6%) per annum.
: It applies to loans or forbearance of any money, goods, or credits as well as the rate allowed in judgments when there is no express contract on the interest rate.
: Section 2 of Circular No. 905, Series of 1982 was amended.
: It took effect on July 1, 2013.
: Subsection X305.1 of the Manual of Regulations for Banks was amended accordingly.
: Sections 4305Q.1, 4305S.3, and 4303P.1 were amended.
: Yes, the circular applies to both banks and non-bank financial institutions as indicated by amendments in regulations that govern both.
: If the loan contract is silent, the rate of interest to be applied by law is six percent (6%) per annum as prescribed by BSP Circular No. 799.