RATE cuts by the Bangko Sentral ng Pilipinas (BSP) could boost consumer and business spending, leading to stronger economic growth.
RATE cuts by the Bangko Sentral ng Pilipinas could boost consumer and business spending, leading to stronger economic growth.'Lower interest rates, combined with easing inflation, are set to provide much-needed relief to consumers, potentially spurring increased spending and investment,' Metrobank research and business analytics officer Marian Monette Florendo said.
In August 2023, the central bank kept the maximum interest rate on unpaid credit card balances at 3.0 percent per month or 36 percent per year.The cap on monthly add-on rates for installment loans also stayed at 1.0 percent and the maximum processing fee for credit card cash advances remained at P200 per transaction.
Sentral Rate Cuts Seen Boosting PH Growth
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