BSP keeps 3% cap on credit card finance charges

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has maintained the 3-percent monthly cap on credit card finance charges while allowing banks to impose higher fees on installment loans and cash advances. Under BSP Circular No. 1242, issued on November 10, the Bangko Sentral ng Pilipinas raised the monthly add-on rate ceiling for credit card