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What is Supreme Court Ruling on Loan Interest Escalation about?

This case concerns a bank unilaterally raising the interest rate on a housing loan granted to an employee who voluntarily resigned. The Supreme Court of the Philippines examined the loan agreements and found that they contained escalation clauses allowing interest rates to increase according to Central Bank rules. While such clauses are generally valid, the unilateral imposition of higher rates by the bank without the borrower

Author

Daysel Fate

Language

EN