SEC Urges the Central Bank to think about Capping Consumer and Payday Loans Next

SEC Urges the Central Bank to think about Capping Consumer and Payday Loans Next

The Securities and Exchange Commission (SEC) has hailed the bank’s that are central to cap charges on bank card deals, increasing its hopes that comparable limitations will quickly connect with customer and pay day loans provided by financing and funding businesses.

On September 25, the Bangko Sentral ng Pilipinas (BSP) announced that the Monetary Board authorized an interest that is annual roof of 24% on all charge card deals effective November 3, 2020.