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Banco Filipino Loan Interest Dispute by Vhinjealeen Mae Costillas is a document available to read on EtoBox.

What is Banco Filipino Loan Interest Dispute about?

1. The borrower obtained a loan from Banco Filipino in 1975 secured by a real estate mortgage, with an interest rate of 12% annually. The promissory note included an escalation clause allowing the bank to increase the interest rate if the law increased the lawful rates. 2. In 1976, Banco Filipino increased the interest rate to 17% based on Central Bank Circular No. 494, which allowed higher interest rates. The borrower sued, arguing the circular was not a "law" as referred to in the escalation clause. 3.

Author

Vhinjealeen Mae Costillas

Language

EN