The Bangko Sentral ng Pilipinas (BSP) has fixed the interest rates on savings deposits ranging from a flat-out ridiculous 0.10 percent to a still laughable 0.25 percent per annum—less taxes at the rate of nearly 10 percent! On the other hand, when banks use those deposits for loans applied for by the depositors or the public in general, the interest rates range from a whopping 18 percent to an atrocious 28 percent per annum! The usury law is used to proscribe the exaction of interest beyond 12 percent per annum.

https://opinion.inquirer.net/165539/love-the-philippines-how-about-bsp-officials-cut-their-scandalously-fat-salaries

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