BSP CIRCULAR NO. 799, July 01, 2013
[ BSP CIRCULAR NO. 799, July 01, 2013 ]
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 1 July 2013.
For the Monetary Board:
(SGD) DIWA C. GUINIGUNDO
Officer-in-Charge
