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    BSP Circular No. 799 (2013)

    Uploaded by

    NicoleAngelique

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    June 21, 2013

    BSP CIRCULAR NO. 799-13

    SUBJECT : Rate of Interest in the Absence of Stipulation

    The Monetary Board, in its Resolution No. 796 dated 16 May 2013, approved the
    following revisions governing the rate of interest in the absence of stipulation in loan
    contracts, thereby amending Section 2 of Circular No. 905, Series of 1982:
    SECTION 1. The rate of interest for the loan or forbearance of any money, goods
    or credits and the rate allowed in judgments, in the absence of an express contract as
    to such rate of interest, shall be six percent (6%) per annum.
    SECTION 2. In view of the above, Subsection X305.1 of the Manual of
    Regulations for Banks and Sections 4305Q.1, 4305S.3 and 4303P.1 of the Manual of
    Regulations for Non-Bank Financial Institutions are hereby amended accordingly.
    This Circular shall take effect on July 1, 2013.

    FOR THE MONETARY BOARD:

    (SGD.) DIWA C. GUINIGUNDO


    Officer-in-Charge
    Bangko Sentral ng Pilipinas

    CD Technologies Asia, Inc. © 2019 cdasiaonline.com

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