One piece of good news for consumers came last week as the Bangko Sentral ng Pilipinas announced that it was capping the interest rate on credit card purchases at 2 percent a month, or a total of 24 percent a year. Starting on Nov. 3, credit card issuers can also charge monthly add-on rates up to a maximum of only 1 percent on credit card installment loans, and no other fee may be imposed or
It seems conventional wisdom now that the way out of the COVID-19-induced recession is to throw money — lots of it — at the problem. The term commonly used is “economic stimulus,” which in the current context means government spends unprecedented amounts of money, even if it must borrow big time, to provoke economic activity. But spending money to revive a frozen economy is not enough; it must also be spent right if we are to get the most overall benefit out of it. Quality of spending, apart from quantity, matters as much. What we need now is spending with maximum
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