Interest Rate Cap Could Harm Government Programs, Philippines Bankers Say.

The article reports that according to the Bankers Association of the Philippines, setting a limit on credit card interest rates could adversely affect several government programs seeking to provide financial services. The president of the association, Aurelio Montinola states that any effort to cap interest rates would result in a reduction in how many consumers would qualify for cards. It reports that the annual credit card interest rates in Philippines range from 24 percent to 48 percent.