To reissue the requirement for banks to post in the premises of their head offices and branches, the following information regarding interest on loans
CIRCULAR NO. 160 Series of 1998
Consistent with the policy thrusts towards transparency and to promote market discipline, the Monetary Board, in its Resolution No. 356 dated March 11, 1998, decided to reissue the requirement for banks to post in the premises of their head offices and branches, the following information regarding interest on loans:
Type of loan;
Simple annual of interest;
Manner of interest payment, i.e., whether collected in advance or otherwise; and
Other fees and charges imposed by the bank in connection with the loan.
Non-compliance with this Circular shall be subject to such administrative sanctions as the Monetary Board may impose under Section 37 of R.A. No. 7653.
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
GABRIEL C. SINGSON Governor
More in BSP Circulars
- Amendment of Circular No. 910 dated 22 April 2016 - Extension of the Period for the Exchange or Replacement of New Design Series {NDS) Banknotes in the Custody of (i) Authorized Agent Banks (AABs), (ii) Office of Provincia/City/MunicipalTreasurers (OTs)..(BSP Circular No. 939)
- Amendments of the Manual of Regulations for Banks(BSP Circular No. 235)
- Amendment to Circular No. 341(BSP Circular No. 640)
- Guidelines on the BSP Rediscounting Facility(BSP Circular No. 354)
- Valid Identification (ID) Cards for Financial Transactions(BSP Circular No. 564)
- Restructured Service Fees for Banks' Deposit and Withdrawal Transactions(BSP Circular No. 1106)
- Deletion of Subsection 3176.15 of the Manual of Regulations for Banks and Other Financial Intermediaries, Book III(BSP Circular No. 111)
- Amendments to Section 3(e) of Circular No. 340 dated 30 July 2002(BSP Circular No. 365)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.