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INTEREST UNIVERSAL COMMERCIAL THRIFT BANKS RURAL COOPERATIVE ISLAMIC

COLLECTIONS BANKS BANKS BANKS BANKS BANKS


INTEREST RATE IN Rate of interest for the loan or forbearance of any money, goods or credits and the rate allowed in Islamic
THE ABSENCE OF judgments, in the absence of an express contract as to such rate of interest, shall be six percent (6%) banking
STIPULATION IN per annum. business do
LOAN CONTRACTS es not
(Circular No. 799 issued by BSP-MB effective July 2013) involve
interest
CEILING ON Rate of interest, including commissions, premiums, fees and other charges, on any loan, or (riba) which
INTEREST RATES IN forbearance of any money, goods or credits, regardless of maturity and whether secured or unsecured, is
LOAN/FORBEARANC shall not be subject to any ceiling prescribed under or pursuant to the Usury Law, as amended. prohibited
ES by the
(Section 1303 of the Manual of Regulations for Banks and Other Financial Intermediaries as amended Islamic
by Central Bank Circular No. 905, series of 1982) Shari'a
principles.

(Sec 39(2)
of Republic
Act No.
6848 )