BSP Easing Through Credit Cards
Starting on November 3, credit card users can only be charged a maximum of monthly interest rate of 2%. . While the Banko Sentral ng Pilipinas said that there will be no more monetary easing for this year, it looks like they have done so through credit cards (annual interest rates used to be at 18 to 58%). The policy will be reviewed every 6 months. The fat cats at BSP do not seem to understand that the economic crisis we are facing today is due to the uncertainty brought about by the pandemic. They, themselves have said that our fundamentals are intact so I don't know how lowering interest rates can help the economy. I mean do you really feel like purchasing a flat screen TV these days? Of course not. Businessmen feel the same way. They won't start a business in these conditions.