MANILA - The Bangko Sentral ng Pilipinas is set to review the ceiling it placed on credit card interest rates and fees after the recent hikes in the benchmark rate, Gov. Felipe Medalla said on Thursday.

The BSP in November kept the monthly ceiling for credit card interest rates and other fees at 2 percent.

But Medalla said this may need to be adjusted in light of recent hikes in the central bank's rates.

"Clearly the higher policy rates at the very least justify some adjustment in ceiling hike. But the decision on how much will be made next month," Medalla said after the Monetary Board announced another 50-basis point interest rate hike.

The policy rate, used by banks to price loans, is now at 5.5 percent. It has been adjusted by a cumulative 350 bps this year after it was reduced to as low as 2 percent during the COVID-19 pandemic.

• BSP hikes key rate by 50 basis points to 5.5 percent to tame inflation

Medalla said other measures meant to mitigate the impact of the pandemic will expire as scheduled this month.

"The majority of pandemic-related measures will expire in 2022 given the economy has achieved sufficient growth momentum," he said.

RELATED VIDEO:

Watch more News on iWantTFC