LAW YEAR APPLIED APPLICABLE LEGAL INTEREST RATES TRANSACTIONS APPLICABLE TO NOTES
The Monetary Board is hereby authorized to:
1. prescribe the maximum rate or rates of interest for the loan or 1. Forbearance of any money, goods or credits Presidential Decree renewal thereof or the forbearance of any money, goods or 1975 2. Loans of low priority 858 credits, and 3. Different types of borrowings 2. to change such rate of rates whenever warranted by prevailing economic and social conditions. 1. Forbearance of any money, goods or credits Presidential Decree (same as with PD 858) provided, that changes in such rate or rates 1980 2. Loans of low priority 1684 may be effected gradually on scheduled dates announced in advance. 3. Different types of borrowings The rate of interest for the loanand the rate allowed in Monetary Board 1982 judgements, in the absence of an express contract as to such rate of Circular 905 interest, shall continue to be 12% per annum Central Bank Circular 2004 416 The rate of interest for the loanand the rate allowed in Monetary Board 2013 judgements, in the absence of an express contract as to such rate of Circular 799 interest, shall be 6% per annum