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Guevarra, Robert Arvin 02/21/2018

CREDIT TRANSACTIONS- ATTY. PANGANIBAN (WEDNESDAYS/ 6:30-9:30)

1. State exhaustively the governing rules on the payment of loan?

 The New Civil Code of The Philippines


Article 1933-1961
 Implementing Rules and Regulations of Republic Act No. 9474, otherwise known as the
“Lending Company Regulation Act of 2007
 REPUBLIC ACT No. 3765
AN ACT TO REQUIRE THE DISCLOSURE OF FINANCE CHARGE
 BSP-MB CIRCULAR NO. 409
Series of 2003
 BSP-MB CIRCULAR NO. 799
Series of 2013
 Usury Law

2. Would there be any liability on the part of the debtor if there was no stipulation or
written agreement for the application of interest in a loan?

NONE, As a general rule is there is no stipulation on the interest rate then there no interest
due however the legal rate will apply provided in the Bangko Central Monetary Board
CIRCULAR NO. 799 Series of 2013 which provides “the rates of interest, loans or forbeance of
any money, goods, or credits and the rate allowed in judgments, in the absence of express
contracts as to such rate of interest shall be 6% per annum” computed from the default such as
Judicial and extrajudicial demand that are subjected to the provision of Article 1169 of the New
Civil Code of the Philippines

In other words if the debtor incur delay of he had ben default or non- performance of the
contract he can be liable to pay interest as indemnity for damages. In other word he is liable to
pay legal interest in case of delay.

3. What is the basis of the right of interest of the Creditor?

The basis of the right of interest of the creditor arises by virtue of a contract or by virtue of
damages for the delay and failure to pay principal on which interest is demanded.

4. What is meant by term INTEREST? What is the rule on interests? What is the
basis of the right to interest?

Interest is considered a payment or charge for the privilege of using the money borrowed
from creditor. That interest maybe paid either as compensation for the money or as damages

5. Can there be interest in equitable mortgage?

No. Interest could not be collected on equitable mortgage because the same is not stipulated
in writing.

6. Can paid an un-stipulated interest be recovered?

If paid by mistake the debtor may recover as in the case of solutio indebiti or undue payment.
However if the payment is made voluntarily, no recovery can be made in case of natural
obligation.
Guevarra, Robert Arvin 02/21/2018
CREDIT TRANSACTIONS- ATTY. PANGANIBAN (WEDNESDAYS/ 6:30-9:30)

7. May interest be adjudged on unliquidated claims?

Yes, interest may be adjudged on unliquidated claims only when demand can be established
with reasonable certainty.

8. What are the classes or kinds of interest?

There are two type Interest can be paid also either as compensation for use of the money
(Monetary interest) or as damages (Compensatory interest). However the New Civil Code
permits an agreement upon a penalty apart from the monetary interest. There are also two types
of interest calculations which are Simple Interest and Compound Interest.

9. Explain and illustrate when monetary interest and compensatory interest can be
applied. What are its preconditions and basis?

Monetary interest compensation may be paid only as compensation for the use of money.
This is the interest referred to in Article 1956 of the Civil Code which is required to be expressly
stipulated in writing to be due.

Interest may be paid as damages or penalty which referred in Article 2209 of the Civil Code the
Civil Code. It need not be stipulated in writing because even in the absence of such stipulation,
the debtor is still liable to pay the same when he incurs in delay as a form of indemnity for
damages if the obligation consists in the payment of a sum of money or monetary obligation

10. What is the basis for the interest rate for compensatory interest? Explain
exhaustively.

Interest may be paid as damages or penalty which referred in Article 2209 of the Civil Code
which provides, “if the obligation in the payment of a sum of money, and the debtor incurs in
delay, the indemnity for damages, there being no stipulation contrary, shall be the payment of the
interest agreed upon, and in the absence of stipulation, the legal interest, which is 6%per
annum.”

11. What is forbearance?

Forbearance is the contractual obligation of the creditor to forbear in a period to require the
debtor to pay a debt then due and payable, where this act wherein the creditor to forbear
postpones, reduces or suspends payment of loan for a specific period of time

12. State and illustrate the rule on compounding of interest?

As a general rule, without prejudice to the provisions of Article 2212 of the New Civil Code,
unpaid interest shall not earn interest as stated in Article 1959 of the New Civil Code. However
when judicially demanded and when there is an express stipulation that the interest due shall be
added to the principal obligation and the resulting total amount shall earn interest.

13. What is meant by accrued interest? Can accrued interest earn compound interest?

Accrued interest means that the interest is already due and unpaid which will not bear
interest However in regarding accrued interest earn compound interest an express stipulation due
an unpaid shall be added to the principal obligation and resulting total amount shall earn interest
Guevarra, Robert Arvin 02/21/2018
CREDIT TRANSACTIONS- ATTY. PANGANIBAN (WEDNESDAYS/ 6:30-9:30)

14. State the general rule on earning of compound interest on accrued interest?

Article 1959 of the New Civil Code of the Philippine states “ Without prejudice to the
provisions of Article 2212, interest due and unpaid shall not earn interest, However, the
contracting parties mat by stipulation capitalize the interest due and unpaid, which has added
principal, shall earn new interest

15. What is the Usury Law? Is the Usury law in effect as of the present?

Usury Law is where it provide “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 express contract as to such
rate of interest, shall be fix per centum per annum or such rate as may be prescribed by the
Monetary Board of the Central Bank of the Philippines”

In addition to the Supreme Court considered the Usury Law as legally non-existent, where the
interest chargeable depends upon the agreement between the lender and the borrower.

16. What then is considered a Usurious rate?

It is considered a usurious rate when if the stipulated interest rate is excessive, iniquitous,
unconscionable and exorbitant.