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Central Bank Resolution No. 224 and Circular No. 905 removed interest rate ceilings established by the Usury Law, allowing parties to freely set interest rates. However, Circular No. 905 may be of doubtful legality as it exceeds the authority granted to the Monetary Board, which is only to prescribe maximum interest rates rather than remove them entirely. The Usury Law defines elements of usury as a loan or forbearance with an agreement to repay and an unlawful intent to charge interest above the legal rate

Author

Martin Espinosa

Language

EN