Updated Truth in Lending Act or Republic Act 3765 passed in 1963

The Bangko Sentral ng Pilipinas recently approved the updating of the Truth in Lending act or Republic Act 3765.


What does this mean? Basically, it protects those that have loans from banks of credit cards from from misleading interest rates from our loan providers.

BSP Governor Amando M. Tetangco Jr. and the board have approved the updates last July 7, 2012.


For more information:

http://www.rbap.org/2012/04/updated-rules-implementing-the-truth-in-lending-act/

http://www.abs-cbnnews.com/business/07/25/11/bsp-tightens-rules-loan-transparency


 

 

Ron is a happily married man for more than 10 years, the father of 3 boys. Loves to write about places that he visits. And works in the BPO industry.