#bangko sentral circular 706

Original article below: In a Branch Advisory published August 26, 2016 on BPI's webpage, the bank said that it needs to update its customer information records in accordance with the Bangko Sentral ng Pilipinas Circular 706. The Bangko Sentral ng Pilipinas' Monetary Board has recently approved the 24% annual interest rate ceiling, or 2% monthly, on all credit card charges. Based on the circular 1098 of Bangko Sentral ng Pilipinas, interest rates or charges on a cardholder's unpaid credit card balance should not exceed 2% per month. “The interest rate cap on credit card receivables aims to ease the financial burden of consumers and micro, small and medium enterprises amid a difficult economic environment caused by the COVID-19 pandemic,” said Bangko Sentral ng Pilipinas Governor Benjamin Diokno. Bangko Sentral ng Pilipinas (BSP) has recently approved a memorandum that requires all BSP-regulated financial institutions to comply with the 60 days grace period on loans amended under the RA 11494 or the “Bayanihan To Recover As One Act” (Bayanihan 2). Source: Bangko Sentral ng Pilipinas via Manila Bulletin The Bangko Sentral ng Pilipinas (BSP) has issued a statement regarding the concerns of the public over the possible increase in ATM Fees. With the arrival of virtual currencies like Bitcoin in the Philippines, the Bangko Sentral ng Pilipinas (BSP) has issued an advisory that warns the public about the risks involved in buying, holding or trading virtual currencies. Read more in our articles including "BPI clients need to update info or lose access to ATM , Online and Mobile services" and "Bangko Sentral ng Pilipinas puts ceiling on credit card charges".