This case has been cited 2 times or more.
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2014-08-11 |
REYES, J. |
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| Thus, from the finality of the judgment awarding a sum of money until it is satisfied, the award shall be considered a forbearance of credit, regardless of whether the award in fact pertained to one.[20] Pursuant to Central Bank Circular No. 416 issued on July 29, 1974, in the absence of written stipulation the interest rate to be imposed in judgments involving a forbearance of credit was twelve percent (12%) per annum, up from six percent (6%) under Article 2209 of the Civil Code. This was reiterated in Central Bank Circular No. 905, which suspended the effectivity of the Usury Law beginning on January 1, 1983. | |||||
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2013-09-11 |
REYES, J. |
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| Pursuant, then, to Central Bank Circular No. 416, issued on July 29, 1974,[53] in the absence of a written stipulation, the interest rate to be imposed in judgments involving a forbearance of credit shall be 12% per annum, up from 6% under Article 2209 of the Civil Code. This was reiterated in Central Bank Circular No. 905, which suspended the effectivity of the Usury Law from January 1, 1983.[54] But if the judgment refers to payment of interest as damages arising from a breach or delay in general, the applicable interest rate is 6% per annum, following Article 2209 of the Civil Code.[55] Both interest rates apply from judicial or extrajudicial demand until finality of the judgment. But from the finality of the judgment awarding a sum of money until it is satisfied, the award shall be considered a forbearance of credit, regardless of whether the award in fact pertained to one, and therefore during this period, the interest rate of 12% per annum for forbearance of money shall apply.[56] | |||||