Rate of interest in the absence of stipulation

Bangko Sentral Ng PiLiPinaS

OFFICE OF THE GOVERNOR

CIRCULAR NO. 799 Series of 2013

Subject: Rate of interest in the absence of stipulation

following revisions governing the rate of interest in the absence of stipulation in loan The Monetary Board, in its Resolution No. 796 dated 16 May 2013, approved the

contracts, thereby amending Section 2 of Circular No. 905, Series of 1982:

credits and the rate allowed in judgments, in the absence of an express contract as to such Section 1. The rate of interest for the loan or forbearance of any money, goods or

rate of interest, shall be six percent (6%) per annum.

Banks and Sections 4305Q.1, 4305S.3 and 4303P.1 of the Manual of Regulations for Non- Bank Financial Institutions are hereby amended accordingly. Section 2. in view of the above, Subsection X305.1 of the Manual of Regulations for

This Circular shall take effect on 1, July 2013

FOR THE MONETARY BOARD:

DIWA C?GUINIGUNDO Officer-In-Charge

21 june 2013

A. Mabini St., Malate 1004 Maniia, Philippines * (632) 708-770% - www.bsp.goV.ph * [email protected]