Philippines Central Bank Adjusts Credit Card Fee Ceilings

The Bangko Sentral ng Pilipinas (BSP) will maintain the 3% monthly cap on credit card finance charges. Concurrently, the monthly add-on rate ceiling for installment loans will increase to 1.5% from 1%, and the maximum one-time cash-advance processing fee will rise to PHP300 from PHP200. These changes, outlined in BSP Circular No. 1242, take effect 15 days after publication, impacting consumers and credit providers.