Ceiling on Interest Charges for Credit Card set at 24%

The Bank Sentral ng Pilipnas (BSP) has set ceiling on the interest charges for credit card receivables. The issuing bank can only charge 24% per annum.

CGRLAW & Associates

3F Salcedo One Centre, 170  Salcedo Street, 

Legaspi Village, Makati City

U302 Capitol Masonic, 35 Matalino Street, 

Diliman, Quezon City

Tel. No. (+63 2) 8277 7239 

      (+63 2) 8985 4322

              (+63 2) 8902 0900

email: claude.requino@cgrlaw.ph

            info@cgrlaw.ph

website: www.cgrlaw.ph

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited and may be violative of Cybercrime Prevention Act.

Change of Address within the same City or Municipality may be done in GIS

For clarification to the SEC Memorandum No. 6 and 16, the change of address that would require Amendment of Articled of Incorporation does not apply when the company already has a complete address in its Article of Incorporation but had transferred to another office in the same City or Municipality.

The SEC Memorandum no 16 states:

"(1.) In the event that a corporation whose principal address as indicated in its articles is already specific and complete or fully compliant with he aforementioned circulars, has moved to another location within the same city or municipality, the corporation is not required to file an amended articles of incorporation. However, it must declare its new or current specific address in its General Information Sheet (GIS) within 15 days from transfer to its new location or effectivity of this Circular. "Metro Manila" shall not be considered a city to municipality for this purpose."

CGRLAW & Associates

5F First Global Building, 122 Gamboa Street
corner Salcedo Street, Legaspi Village, Makati City
Tel. No. (+63 2) 985 4322
email: claude.requino@cgrlaw.ph

            info@cgrlaw.ph

website: http://www.cgrlaw.ph

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited.

SCHEDULE OF FILING OF ANNUAL FINANCIAL STATEMENTS

Pursuant to SEC Memorandum Circular No. 16 s. 2013, the filing of Annual Financial Statements for companies with fiscal year ending in December 31, would be based on the last digit of their registration numbers.

April 14, 15, 16, 17, 18       : Ending in "1" and "2"

April 21, 22, 23, 24, 25       : Ending in "3" and "4"

April 28, 29, May 2             : Ending in "5" and "6"

May  5, 6, 7, 8, 9                : Ending in "7" and "8"

May 12, 13, 14, 15, 16       : Ending in "9" and "0"