The Monetary Board decided to adjust the ceilings on credit card transactions by increasing the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points (bps).
The Monetary Board decided to adjust the ceilings on credit card transactions by increasing the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points or from 2 percent to 3.0 percent per month. Meanwhile, the existing ceiling on the monthly add-on rate that credit card issuers can charge on installment loans is maintained at a maximum rate of 1 percent.
The caps on credit card transactions were imposed by the BSP as a temporary relief measure to ease the financial burden of consumers from the COVID-19 pandemic and promote affordable access to credit. In fixing the caps, the BSP considered the prevailing low interest rate environment during the pandemic.
Given these circumstances, the BSP deems that the adjustment in the interest rate ceiling for revolving purchases is in keeping with the BSP’s mandate to determine the reasonableness of credit card fees and charges under Section 4 of the Philippine Credit Card Industry Regulation Law or R.A. No. 10870.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Muntinlupa LGU hails 336 passers in teachers board examThe Muntinlupa City government congratulated 336 graduates of the city-run Pamantasan ng Lungsod ng Muntinlupa (PLMun) for passing the October 2022 Board Licensure Examination for Professional Teachers.
Read more »
Taylor Swift shuts down supposed feud with SZA, as her ‘Anti-Hero’ album tops Billboard Hot 100Taking her cue from SZA, Taylor Swift also shut down claims of a brewing feud between her and the R&B soul singer on the heels of the pair’s back-to-back domination of the Billboard Hot 100.
Read more »
A Brown creates new agri company | VG CabuagThe board of listed A Brown Co. Inc. has approved the creation of an agricultural firm that will be engaged in the milling and selling of palm oil. In its disclosure, the company said it will own 100 percent of Surigao Greens Agri Corp., a company in the process of…
Read more »
Lanao del Norte ARBs receive land titles from govt | Jonathan L. MayugaThe Department of Agrarian Reform (DAR) announced on Wednesday the distribution of electronic land titles (E-TITLES) and certificates of land ownership award (CLOAs) to 100 agrarian reform beneficiaries from Lanao del Norte. The distribution of the land titles is expected to boost the government’s anti-poverty effort and to emancipate the…
Read more »
Macay Holdings buys RC Cola firm for $21.4 million - BusinessWorld OnlineMACAY Holdings, Inc. has completed the acquisition of RC Global Beverages, Inc. (RCGBI) after it fulfilled the closing conditions in the two parties’ share purchase agreement, the listed firm said on Wednesday. In a regulatory filing, the company said it now has 100% voting and controlling interest in RCGBI, the owner of the licensing rights […]
Read more »
BSP adjusts cap on credit card interest rate to 3% per monthThe BSP said this adjustment will increase the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points (bps) or from 2% to 3% per month. The existing ceiling on the monthly add-on rate that credit card issuers can charge on installment loans is maintained at a maximum rate of 1%, the BSP said.
Read more »