The Monetary Board, the BSP’s policy-making arm, has received the recommendation from the Financial Supervision Sector (FSS) to raise the two percent monthly cap.
Filipino cardholders will be paying higher credit card payments after the Bangko Sentral ng Pilipinas decide this month how much they will raise or adjust the monthly ceiling on credit card rates and finance charges from the current cap of two percent per month or 12 percent annually.
The resubmission of the previous recommendation of a new ceiling will be dependent on Medalla. All sectors involved in the BSP will wait for the BSP chief’s go-signal. Last year, the BSP deferred any adjustment in the credit card rates’ ceiling because it was still closely monitoring “evolving domestic and external developments that will impact the state of credit card financing, sustainability of credit card operations and viability of banks/credit card issuers.”
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