Can I read Loan Interest Rate Dispute Ruling on EtoBox?
Loan Interest Rate Dispute Ruling by anon_413893567 is a document available to read on EtoBox.
What is Loan Interest Rate Dispute Ruling about?
The spouses Mariano and Gilda Florendo took out a housing loan from the Land Bank of the Philippines (LBP) in 1983 at an interest rate of 9% when Gilda was still an employee of LBP. In 1985, LBP increased the interest rate to 17% through a resolution. The spouses protested this increase as the loan agreement did not contain an escalation clause allowing unilateral rate increases. While the mortgage contract contained an escalation clause tied to Central Bank regulations, the Court ruled that LBP could not r
- Author
- anon_413893567
- Language
- EN