CCAP backs hike in credit cards' monthly interest rate ceiling

THE Credit Card Association of the Philippines (CCAP) on Monday said the latest decision of the Bangko Sentral ng Pilipinas (BSP) to hike the maximum finance charge on cardholder’s unpaid outstanding balance from 2 percent to 3 percent is a winwin situation for the industry and consumers.

“CCAP backs the BSP in pursing various options using monetary tools to help many Filipinos, particularly the micro, small and medium enterprises, cope with rising consumer prices, boost consumption and tourism, and ultimately aid in the country’s economic recovery,” CCAP said in a statement. It explained that “with the pandemic spurring the rapid adoption of consumers of new virtual payment technologies, credit cards serve as an effective, safe, and convenient payment tool that drives and contributes to the overall digitalization goal of the country.”

“Market-driven rates will help, not only in boosting competition in the industry, but in accelerating financial inclusion and creating a cashless society – which are aligned with the BSP’s goals,” the CCAP statement read.

CCAP, which is composed of 17 credit card issuers, added that it “continues to support the BSP’s mandate of maintaining monetary stability and the overall

Republic of the Philippines soundness of the Philippine financial system.”

Despite the upward adjustment in the ceiling for unpaid credit card balance, the BSP, last week said it is maintaining the 1 percent cap on the monthly add-on rate charged on instalment loans as well as the P200 per transaction processing fee for the availment of credit card cash advances.

These changes, BSP Governor Felipe Medalla said, are in line with “developments in the macroeconomy and cushions the impact of inflationary pressure on banks’/credit card issuers’ ability to provide quality credit card services to their

REGIONAL TRIAL COURT OF MISAMIS ORIENTAL Office of the Clerk of Court 10th Judicial Region Cagayan de Oro City

SHERIFF'S NOTICE OF SALE

EJF FILE No. 2023-1294

Upon extra-judicial petition for sale under Act 3135 as amended filed by HOME DEVELOPMENT MUTUAL FUND, (PAG-IBIG), with principal office address at the Petron Mega Plaza Bldg. #358 Sen. Gil Puyat Ave., Makati City, against DAISYREL B. JAMERO, of legal age, Filipino, single and with postal address at Lot 6, Blk. 1, Bloomingdale Subd., Phase 4, Iponan, Cagayan de Oro City, or at No. 14, Tomas Saco St., Macasandig, Cagayan de Oro City, to satisfy the mortgaged indebtedness which as of August 15, 2022 amounts to SEVEN HUNDRED SEVENTY SEVEN THOUSAND ONE HUNDRED FORTY NINE PESOS & 12/100 (Php 777,149.12) inclusive of interests and other charges. That in case of foreclosure proceeding, the Mortgagor shall pay the foreclosure expenses and other monetary obligations, the undersigned sheriff will sell at public auction on February 17, 2023, at 10:00 o'clock in the morning to 4:00 o'clock in the afternoon or soon thereafter at the Hall of Justice, Goldridge Building, Macapagal Drive, Upper Carmen, Cagayan de Oro City, to the highest bidder, for CASH and in Philippine Currency, the herein described property, with all the improvements included thereon, to wit:

TCT No. T-137-2015003086

"A PARCEL OF LAND (Lot 6, Block 1, PCS-10-004466, CONS/SUBD. of Lots 24178-B-2-B-2, 24178-B-2-B-3, 24178-B-2-B-4, & 24178-B-2-B-5, all of PSD-10-054199) situated in Phase 4, Iponan, Cagayan de Oro City, Province of Misamis Oriental, Island of Mindanao, containing an area of Eighty (80) square meters, more or less."

Prospective buyers/bidders may investigate for themselves the herein described property and encumbrances thereon, if any there be.

All sealed bids must be submitted to the undersigned on the above stated time and date.

In the event the auction date falls on a HOLIDAY, it shall be on the next working day without further notice and publication.

January 12, 2023, Cagayan de Oro City.

MA. TERESITA