MCT Daily Brief

BSP KEEPS THE 3% FINANCE-CHARGE CAP BUT RAISES TWO OTHER CEILINGS

The Bangko Sentral ng Pilipinas announced on November 12 that the ceiling on credit-card finance charges remains 3% a month. It is raising the maximum monthly add-on rate for installment loans from 1% to 1.5%, and the maximum one-time cash-advance processing fee from ₱200 to ₱300 per transaction.

The changes are covered by Circular No. 1242, issued November 10, according to reports quoting the BSP. They take effect 15 calendar days after publication in the Official Gazette or a newspaper of general circulation. The announcement date alone does not tell borrowers when a bank may start applying the new ceilings.

The adjusted limits apply only to new transactions from the circular's effectivity date. Installment loans taken out earlier keep their agreed terms. A ceiling also sets the highest permitted charge; it does not mean every bank must charge that amount.

For someone comparing payment options, a retained finance-charge cap does not mean every cost is unchanged. Before accepting an installment conversion or cash advance, ask for the applicable rate, processing fee and total amount to repay. Those figures can change the cost of a purchase that looks manageable when presented only as a monthly payment.

SEVEN METRO MANILA FLOOD PUMPS NEED MORE TIME

The Department of Public Works and Highways and Metropolitan Manila Development Authority are seeking until May 31, 2027 to finish seven remaining pumping stations under Phase 1 of the Metro Manila Flood Management Project. The current implementation deadline is December 2, 2026, according to the Presidential Communications Office's November 11 release.

The request covers construction, testing, acceptance and turnover. It would keep the approved project scope and total cost unchanged. PCO described it as the proposed second and final extension, presented at the Economy and Development Council meeting.

The seven facilities belong to an original target of 38 stations. Their usefulness to nearby communities depends on completing the work and making the pumps ready to operate. A later deadline gives agencies time to do that work; it does not itself provide additional flood protection today.

DEFENSE DROPS BPI WITNESS; ESCUDERO REMINDS COURT ABOUT WITNESS RIGHTS

Vice President Sara Duterte's defense decided on November 12 not to call BPI senior vice president Paul Roderick Ysmael. Counsel Michael Poa said the purpose had been to authenticate a letter he wrote to the bank, and that he had already acknowledged writing it in open court. The defense had earlier dropped 15 other bank representatives.

GMA reported that prosecutor James Ali then asked to make statements concerning documents subpoenaed for Ysmael's testimony. Presiding officer Francis Escudero denied that request because the prosecution had already rested its case. Dropping the witness does not, by itself, answer the questions about the underlying bank records or decide the charge against Duterte.

Earlier that day, Escudero reminded senator-judges and lawyers to protect witnesses from improper, insulting or intimidating questioning. He said an answer that does not satisfy the questioner is not automatically contemptible. He also acknowledged his own frustration in earlier proceedings and said the reminder applied to him.

Later testimony also addressed a meal in Japan paid with Manases Carpio's credit card. Lawyer Anel Antero said he was among 11 diners and later gave Carpio ¥40,000 as his share, GMA reported at 12:12 p.m. When the prosecution asked for a photograph supporting his account of the group, he said he had none with him. His account is testimony for the court to weigh, not a finding that resolves the spending dispute.

DSWD TARGETS FRIDAY TO FINISH AID PAYOUTS FOR AFFECTED VENDORS

The Department of Social Welfare and Development aims to finish assistance payouts by Friday, November 13 for vendors and food-stall owners affected by ASEAN summit security measures in Pasay and Parañaque. Secretary Rex Gatchalian gave that target as payouts continued, according to November 12 reporting.

The assistance includes ₱10,000 for qualified vendors under the Assistance to Individuals in Crisis Situations program, along with family food packs. It is intended to help people whose small businesses have temporarily lost the ability to operate. The Friday target is a commitment to finish the payouts, not confirmation that every affected vendor has already received help.

DSWD has told affected people who have not received assistance to coordinate with their local government for referral. Social workers are also visiting the affected areas with local officials. That work is needed to identify people who may be missing from the lists, including workers whose income depends on the closed businesses.

DUMAGUETE STARTS A WATER PROJECT TARGETED FOR NEXT YEAR

Metro Dumaguete Water broke ground on November 11 for a ₱10-million pumping station in Barangay Cadawinonan. The utility expects its 23rd station to add three million liters a day once operational, raising production capacity from about 48 million to 51 million liters daily.

Chief operating officer Robert Cabiles said the project includes a 1.6-kilometer transmission line and targets operation in March or April 2027. It is expected to help address low pressure and serve roughly 3,000 additional households alongside the utility's approximately 30,000 customers.

Those are the utility's targets. Households will still need to wait for construction, connection and operation before the extra capacity can improve service. A groundbreaking marks the start of that work, not the arrival of three million additional liters at customers' taps.