Act No. 2655.

: The default rate of interest is six percent per annum.
: The maximum allowed interest rate is twelve percent per annum.
: Yes, they can charge up to eighteen percent per annum including premiums, interest, and fines.
: The maximum interest rate for unsecured loans is fourteen percent per annum.
: Pawnbrokers may charge: - 3% per month if the sum lent is less than 100 pesos; - 2% per month if the sum lent is between 100 pesos and 500 pesos; - 14% per annum if the sum lent exceeds 500 pesos.
: Compound interest is not allowed except by agreement or if the debt is judicially claimed, where it will draw six percent per annum interest.
: They may recover the whole interest paid with costs and attorney's fees by filing an action within two years after payment.
: Such contracts are void, but clerical errors made without intent to evade the Act will not render them void.
: Loans payable in agricultural products or commodities are null and void unless the commodities are appraised at current local market price when the obligation falls due.
: Violators shall be fined an amount equivalent to the total stipulated interest or value of products or seed agreed as interest, and, in insolvency, face subsidiary imprisonment. For corporations, the person in charge will suffer subsidiary imprisonment.
: Yes, the person or corporation sued must file a written answer under oath; failure to do so is deemed an admission of the complaint's facts.