Interest Rate in Absence of Stipulation

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BSP CIRCULAR NO. 799: Interest Rate in Absence of Stipulation

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Title Source: Supreme Court: Interest Rate in Absence of Stipulation

Law: Bsp Circular No. 799

Decision Date: Jul 1, 2013

BSP Circular No. 799-13 introduces a revised rate of interest of 6% per annum for loans or forbearance of money, goods, or credits in the absence of an express contract, effective July 1, 2013.

Law Summary

Amendment to Existing Regulations

This circular amends Section 2 of BSP Circular No. 905, Series of 1982.
Corresponding amendments are made to specific provisions in regulatory manuals:
- Subsection X305.1 of the Manual of Regulations for Banks.
- Sections 4305Q.1, 4305S.3, and 4303P.1 of the Manual of Regulations for Non-Bank Financial Institutions.

Effective Date and Authority

The circular takes effect on July 1, 2013.
The issuance is pursuant to Resolution No. 796 of the Monetary Board dated May 16, 2013.
The circular is signed by the Officer-in-Charge of the Monetary Board, Diwa C. Guinigundo.

END