Implementation of Bangko Sentral Ng Pilipinas Circular No. 1133 Series of 2021 on the Ceiling/s on Interest Rates and other fees charged by Lending Companies, Financing Companies, and their Online Lending Platforms; SEC Circular No. 03, Series of 2022

The Memorandum Circular implements the Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021 which capped the ceiling on the interest rate and other fees which Financing Companies (FCs) and Lending Companies (LCs), and its online counterparts, which may be imposed on borrowers for the protection of the Filipino public against exorbitant interest rates, fees and charges. It enumerates the applicable ceilings on interest rates and other fees imposed for the covered loans. The Memorandum Circular further requires all FCs and LCs to submit an Impact Evaluation Report and Business Plan indicating the company's loan products, services and pricing parameters to the Securities and Exchange Commission.