Engineering Board Exam Reviewer · ECE · medium
In the absence of a stipulated rate, the legal interest rate on loans or forbearance of money in the Philippines (BSP Circular No. 799, 2013) is:
- 12% per annum
- 1% per month compounded
- 24% per annum
- 6% per annum
Answer
D. 6% per annum
Solution
The rate was reduced from 12% to 6% per annum effective July 1, 2013.
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