As such, Torres intends to prepare early for her loan repricing next year, worried that interest rates would rise further. But Villanueva found the interest rates charged by banks quite high and the requirements so cumbersome. For Villanueva, buying the secondhand vehicles is a way of coping with rising inflation and interest rates. The BSP actions have prompted banks and other lending companies to raise their loan rates to consumers. Most banks have not adjusted their credit card lending rates, as these are already high at 2.5 percent to 3.5 percent a month.

Source: Philippine Daily Inquirer September 30, 2018 21:45 UTC