Read this in The Manila Times digital edition.
THE Bangko Sentral ng Pilipinas' Monetary Board (MB) has approved the imposition of ceilings on interest rates, penalties, and other fees and charges on small-value, short-term, general purpose, and unsecured loans extended by Lending Companies (LCs), Financing Companies (FCs), and their Online Lending Platforms (OLPs).
BSP Governor Benjamin Diokno during the GBED talks on Thursday said that the MB set a nominal interest rate ceiling of 6 percent per month for covered loans.
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