QRCGC MEMORANDUM CIRCULAR NO. 332, October 06, 2004
INTEREST RATES, SERVICE AND COMMITMENT FEES FOR THE SULONG PROGRAM
Effective October 1, 2004, interest rates, service and commitment fees for the SULONG Program shall be adjusted /amended as agreed upon by the SULONG Finance Committee, as follows:
1. Interest Rates
Term of Loan Interest Rate a. For loans with a term of up to 1 year 10.6% – (91-day T-Bill + 3% as of September 27, 2004 T-Bill Rate) b. For loans with a term above 1 year up to 3 years 14.4% – (3 year T-Bond + 3% as of September 29, 2004 MART I Rates) c. For loans with a term over 3 years up to 5 years 15.2% – (5 year T-Bond + 3% as of September 29, 2004 MART I Rates)
2. Service Fee and Commitment Fee
a. For Short Term Loans and Financing of Pos
Service Fee shall be P2,000.00 for every P1.0 M plus ½ of 1% of the approved loan to be deducted from the proceeds of the loan.
b. For Long Term Loans
Service Fee shall be P2,000.00 for every P1.0 M plus ½ of 1% of the approved loan and commitment fee of 0.125% of the unavailed balance.
The above interest rates, service and commitment fees shall apply to all loan releases after September 30, 2004.
Be guided accordingly.
Adopted: 06 Oct. 2004
(SGD.) NELSON C. BUENAFLOR
President and CEO