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What is Central Bank Authority on Interest Rates about?
The Central Bank fixed maximum interest rates and regulated how banks compound and pay interest on deposits. Banco Filipino began compounding interest monthly instead of quarterly and paying time deposit interest in advance, beyond what regulations allowed. The Central Bank directed Banco Filipino to comply. Banco Filipino challenged this in court. The Supreme Court ruled that the Central Bank has authority to regulate interest compounding and payment in order to enforce maximum rate limits and promote publ
- Author
- Yaneeza Macapado
- Language
- EN