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Effective Interest Rate (EIR) refers to the total nominal interest paid plus other fees and charges, excluding penalty and late payment fees, expressed as the rate that exactly discounts estimated future cash flows throughout the life of the loan to the net amount of loan proceeds. It shall follow the
1 mar 2022 · MANILA – The Securities and Exchange Commission (SEC) has issued the memorandum circular implementing the cap on interest rates and other fees imposed by lending and financing companies, and their online lending platforms (OLPs).
2 mar 2022 · THE SECURITIES and Exchange Commission (SEC) will begin imposing on Thursday, March 3, the interest rate cap prescribed by the central bank on lending and fi nancing companies as well as their online lending platforms (OLPs). Circular No. 1133, Series of 2021 of the Bangko Sentral ng Pilipinas (BSP) prescribes ceilings for interest rates and ...
3 mar 2022 · The Bangko Sentral ng Pilipinas fixed the maximum nominal interest rate at six percent per month or about 0.2 percent per day, and the effective interest rate (EIR) at 15 percent per...
20 sty 2023 · Last March 1, 2022, the Securities and Exchange Commission (“ SEC ”) issued its Memorandum Circular No. 3 to implement the ceilings previously imposed by the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “ BSP ”) via BSP Circular No. 1133, series of 2021 on interest rates and other fees imposed by financing companies ...
2 lut 2022 · The BSP has set a nominal interest rate ceiling of six percent per month or approximately 0.2 percent per day for covered loans. It also set the limit on effective interest rate at a...
