SPS Juico vs CHINA BANK BANK DOCTRINE : the escalation clause is void if it gants es!ondent t"e !o#e to i$!ose an inceased ate of inteest #it"out a #itten notice to !etitiones and t"ei #itten consent% Concuing doctine &' CJ Seeno these points must be considered by creditors and debtors in the drafting of valid escalation clauses. Firstly, as a matter of equity and consistent with P.O. No. 16!, the escalation clause must be paired with a de"escalation clause. # $econdly, so as not to violate the principle of mutuality, the escalation must be pegged to the prevailing mar%et rates, and not merely ma%e a generali&ed reference to 'any increase or decrease in the interest rate' in the event a law or a (entral )an% regulation is passed. *hirdly, consistent with the nature of contracts, the proposed modification must be the result of an agreement between the parties. +n this way, our credit system would be facilitated by firm loan provisions that not only aid fiscal stability, but also avoid numerous disputes and litigations between creditors and debtors. $pouses +gnacio F. uico and -lice P. uico petitioners/ obtained a loan from (hina )an%ing (orporation respondent/ as evidenced by two Promissory Notes both dated October 6, 1## and numbered 02"101"3 !and 02"104", 0 for the sums of 556,416, and P!, 13#,, respectively. *he loan was secured by a eal 7state 8ortgage 78/ over petitioners9 petitioners9 property located located at !# :reensville $t., $t., ;hite Plains, 1/P,#1,226.63 representing the amount of deficiency, plus interests at the legal rate, from February 43, 41 until fully paid? 4/ an additional amount equivalent to 1@1 of 1A per day of the total amount, until fully paid, as penalty? 3/ an amount equivalent to 1A of the foregoing amounts as attorney9s fees? and !/ eBpenses of litigation and costs of suit. 8s. -nnabelle (o%ai Cu, its $enior Doans -ssistant stated that as of now the outstanding balance of petitioners was P10,1#,#61.!. Cu reiterated that the interest rate changes every month based on the prevailing mar%et rate . she notified petitioners of the prevailing rate by calling them monthly .+t was increased unilaterally *(> ordered $pouses to to pay ban% #8 plus the the interest which amounted amounted to 108.(- -FF+87E P7*+*+ON7> *hey insist that the increase in interest rates were unilaterally imposed by the ban% and thus violate the principle of mutuality of contracts. +ssue> whether the increase in interest interest rates is void for violating violating the mutuality of contracts contracts 7DE>Ces -*+O> -rticle 13. *he contract must bind both contracting parties? its validity or compliance cannot be left to the will of one of them. -rticle 1#06 of the (ivil (ode li%ewise ordains that 'no interest shall be due unless it has been eBpressly stipulated in writing.' *he binding effect of any agreement ag reement between parties to a contract is premised on BBB 4/ that there must be mutuality between the parties based on their essential equality. -ny contract which appears to be heavily weighed in favor of one of the parties so as to lead to an unconscionable result is void. -ny stipulation regarding the validity or compliance of the contract which is left solely to the will of one of the parties, is li%ewise, invalid 7scalation clauses refer to stipulations allowing an increase in the interest rate agreed upon by the contracting parties. *his (ourt has has long recogni&ed that there is nothing inherently inherently wrong with escalation clauses Nevertheless, an escalation clause 'which grants the creditor an unbridled right to ad=ust the interest independently and upwardly, completely depriving the debtor of the right to assent to an important modification in the agreement' is void. - stipulation of such nature violates the principle of mutuality of contracts. +n a case,$( said that petitioner9s assent to the modifications in the interest rates cannot be implied from their lac% of response to the memos sent by respondent +t is now settled that an escalation clause is void where the creditor unilaterally determines and imposes an increase
in the stipulated rate of interest without the eBpress conformity of the debtor. $uch unbridled right given to creditors to ad=ust the interest independently and upwardly would completely ta%e away from the debtors the right to assent to an important modification in their agreement and would also negate the element of mutuality in their contracts. 8ore recently in $olidban% (orporation v. Permanent omes, +ncorporated, 3# we upheld as valid an escalation clause which required a written notice to and conformity by the borrower to the increased interest rate +n Polotan, $r. v. (- ,On petitioner9s contention that the interest rate was unilaterally imposed and based on the standards and rate formulated solely by respondent credit card company, we held> (ardholder hereby authori&es $ecurity Einers to correspondingly increase the rate of such interest in the event of changes in prevailing mar%et rates B B B' is an escalation clause. owever, it cannot be said to be dependent solely on the will of private respondent as it is also dependent on the prevailing mar%et rates. *hus, it was valid because it wasnt solely potestative as it was based on the mar%et ratessomething outside the control of respondent/ ere, the interest rates would vary as determined by prevailing mar%et rates. 7vidently, the parties intended the interest on petitioners9 loan, including any upward or downward ad=ustment, to be determined by the prevailing mar%et rates and not dictated by respondent9s policy. O;7G7, $( hold that the escalation clause "ee is still void &ecause it gants es!ondent t"e !o#e to i$!ose an inceased ate of inteest #it"out a #itten notice to !etitiones and t"ei #itten consent% espondent9s monthly telephone calls to petitioners advising them of the prevailing interest rates would not suffice. detailed billing statement based on the new imposed interest with corresponding computation of the total debt should have been provided by the respondent to enable petitioners to ma%e an informed decision. An a!!o!iate fo$ $ust also &e signed &' t"e !etitiones to indicate t"ei confo$it' to t"e ne# ates . (ompliance with these requisites is essential to preserve the mutuality of contracts. For indeed, one"sided impositions do not have the force of law between the parties, because such impositions are not based on the parties9 essential equalit y. +n the absence of consent on the part of the petitioners to the modifications in the interest rates, the ad=usted rates cannot bind them. ence, we consider as invalid the interest rates in eBcess of 10A, the rate charged for the first year. )ased on the -ugust 4#, 4 demand letter of (hina )an%, petitioners9 total principal obligation under the two promissory notes which they failed to settle is P1,300,. owever, due to (hina )an%9s unilateral increases in the interest rates from 10A to as high as 4!.0A and penalty charge of 1@1 of 1A per day or 36.0A per annum for the period November !, 1### to February 43, 41, petitioners9 balance ballooned to P1#,41,226.63. Note that the original amount of principal loan almost doubled in only 16 months. *he (ourt also finds the penalty charges imposed eBcessive and arbitrary, hence the same is hereby reduced to 1A per month or 14A per annum. (oncurring by ( $ereno> not all escalation clauses in loan agreements are void per se .it is to maintain fiscal stability and to retain the value of money in long term contracts.however, a contract containing a provision that ma%es its fulfillment eBclusively dependent upon the uncontrolled will of one of the contracting parties is void. ence the provision on the promissory note> +@;e hereby authori&e the (+N- )-NH+N: (OPO-*+ON to increase or decrease as the case may be, the interest rate@service charge presently stipulated in this note without any advance notice to me@us in the event a law or (entral )an% regulation is passed or promulgated by the (entral )an% of the Philippines or appropriate government entities, increasing or decreasing such interest rate or service charge. +s void. *he floating rate of interest in the trust receipt agreement is also void. +t reads> +, ;7 =ointly and severally agree to any increase or decrease in the interest rate which may occur after uly 1, 1#1, when the (entral )an% floated the interest rate, and to pay additionally the penalty of +A per month until the amount@s or installments@s due and unpaid under the trust receipt on the reverse side hereof is@are fully paid. +t is o%, for ban%s to stipulate that interest rates on a loan not be fiBed and instead be made dependent upon prevailing mar%et conditions as long as there should always be a reference rate upon which to peg such variable interest rates. -n eBample of such a valid variable interest rate was found in Polotan, $r. v. (ourt of -ppeals. 1 +n that case, the contractual provision stating that 'if there occurs any change in the prevailing mar%et rates, the new interest rate shall be the guiding rate in computing the interest due on the outstanding obligation without need of serving notice to the (ardholder other than the required posting on the monthly statement served to the (ardholder' was considered valid. *he aforequoted provision was upheld notwithstanding that it may parta%e of the nature of an escalation
clause, because at the same time it provides for the decrease in the interest rate in case the prevailing mar%et rates dictate its reduction. ere, the use of the phrase 'any increase or decrease in the interest rate' is without reference to the prevailing mar%et rate actually imposed by the regulations of the (entral )an%. +t is thus not enough to state, as a%in to (hina )an%Is provision, that the ban% may increase or decrease the interest rate in the event a law or a (entral )an% regulation is passed. *o adopt that stance will necessarily involve a determination of the interest rate by the creditor since the provision spells a vague condition " it only requires that any change in the imposable interest must conform to the upward or downward movement of borrowing rates. -nd if that determination is not sub=ected to the mutual agreement of the contracting parties, then the resulting interest rates to be imposed by the creditor would be unilaterally determined. (onsequently, the escalation clause violates the principle of mutuality of contracts. )ased on =urisprudence, therefore, these points must be considered by creditors and debtors in the drafting of valid escalation clauses. Firstly, as a matter of equity and consistent with P.O. No. 16!, the escalation clause must be paired with a de"escalation clause. # $econdly, so as not to violate the principle of mutuality, the escalation must be pegged to the prevailing mar%et rates, and not merely ma%e a generali&ed reference to 'any increase or decrease in the interest rate' in the event a law or a (entral )an% regulation is passed. *hirdly, consistent with the nature of contracts, the proposed modification must be the result of an agreement between the parties. +n this way, our credit system would be facilitated by firm loan provisions that not only a id fiscal stability, but also avoid numerous disputes and litigations between creditors and debtors.
Siga-an v. Villanueva, 576 SCRA 696 (2009) - Em ● ●
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DOCTRINES: If the borrower of loan pa! "ntere!t when there ha! been no !t"p#lat"on therefore, the pro$"!"on! of the C"$"l Co%e &on&ern"n' Sol#t"on "n%eb"t" !hall be appl"e% he pr"n&"ple of !ol#t"o "n%eb"t" appl"e! where* (+) a pament "! ma%e when there e"!t! no b"n%"n' relat"on between the paor, who ha! no %#t to pa, an% the per!on who re&e"$e% the pament an% (2) the pament "! ma%e thro#'h m"!ta.e, an% not thro#'h l"beral"t or !ome other &a#!e FACTS: /n ar&h 1, +99, re!pon%ent Al"&"a 3"llan#e$a 4le% a &ompla"nt for a !#m of mone a'a"n!t pet"t"oner Seba!t"an S"'a-an Re!pon%ent alle'e% that !he wa! a b#!"ne!! woman en'a'e% "n !#ppl"n' o&e mater"al! an% e#"pment! to the 8/ wh"le pet"t"oner wa! a m"l"tar o&er an% &omptroller of the 8/ from +99+-+996 Somet"me "n +992, re!pon%ent &la"me% that the pet"t"oner approa&he% her "n!"%e the 8/ o&e an% oere% to loan her the amo#nt of 5:0,000 She a&&epte% the oer !"n&e !he nee%e% &ap"tal for her b#!"ne!! he loan a'reement wa! not re%#&e% "n wr"t"n' an% there wa! no !t"p#lat"on a! to the pament of "ntere!t for the loan /n A#'#!t 1+, +991, re!pon%ent "!!#e% a &he&. worth 500,000 to pet"t"oner a! part"al pament of the loan wo month! later !he "!!#e% another &he&. "n the amo#nt of 200,000 a! pament of the rema"n"n' balan&e et"t"oner tol% her that !he !"n&e !he pa"% a total amo#nt of 700,000 for the 5:0,000 worth of loan, the e&e!! amo#nt of +60,000 wo#l% be appl"e% a! "ntere!t for the loan 8ot !at"!4e% w"th the amo#nt appl"e% a! "ntere!t, the pet"t"oner pe!tere% her to pa a%%"t"onal "ntere!t ;e threatene% to blo&. her tran!a&t"on! w"th the 8/ "f !he won
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loan %e!p"te the ab!en&e of a'reement to that ee&t ;er lawer tol% her that pet"t"oner &o#l% not $al"%l &olle&t "ntere!t on the loan be&a#!e there wa! no a'reement between her an% pet"t"oner =pon be"n' a%$"!e% b her lawer that !he ma%e an o$er pament, !he !ent a %eman% letter to pet"t"oner a!."n' for the ret#rn of the e&e!! amo#nt >#t the pet"t"oner ?#!t "'nore% the %eman% letter Re!pon%ent prae% that the RC ren%er ?#%'ment or%er"n' pet"t"oner to pa re!pon%ent(+) 660,00000 pl#! le'al "ntere!t from the t"me of %eman% (2) 100,00000 a! moral %ama'e! (1) 50,00000 a! eemplar %ama'e! an% (:) an amo#nt e#"$alent to 25@ of 660,00000 a! attorne! fee! In h"! an!wer to the &ompla"nt, the pet"t"oner %en"e% that he oere% a loan to re!pon%ent an% ment"one% the m"!ta.e! &omm"tte% b the re!pon%ent re'ar%"n' the pament of the loan an% that there wa! no o$erpament After the tr"al, the RC ren%ere% a %e&"!"on hol%"n' that re!pon%ent ma%e an o$er pament of her loan obl"'at"on to pet"t"oner an% that the latter !ho#l% ref#n% the e&e!! amo#nt to the former he alle'e% "ntere!t !ho#l% not be "n&l#%e% be&a#!e there wa! no a'reement between them re'ar%"n' the pament of "ntere!t It &on&l#%e% that !"n&e re!pon%ent ma%e an e&e!! pament to pet"t"oner "n the amo#nt of 660,00000 thro#'h m"!ta.e, pet"t"oner !ho#l% ret#rn the !a"% amo#nt to re!pon%ent p#r!#ant to the pr"n&"ple of !ol#t"on "n%eb"t" et"t"oner appeale% to the CA b#t the CA arme% the r#l"n' of the RC et"t"oner 4le% a mot"on for re&on!"%erat"on to the appellate &o#rt, hen&e th"! pet"t"on ISSUES: (+) Bhether or not no "ntere!t wa! %#e to pet"t"oner (2) Bhether or not appl"n' the pr"n&"ple of !ol#t"on "n%eb"t" "! proper HELD: (1) No ine!e" #a" $ue o %e &eiione!. In this case, the parties did not agree for the pament of "ntere!t . As explained by Villanueva, the presented promissory note was in her hand writing be&a#!e S"'aan tol% her to &op "t an% !he %"% be&a#!e !he feare% the threat! of S"'aan to blo&. her %eal! w"th the h"l"pp"ne 8a$ Art"&le +956 of the C"$"l Co%e, wh"&h refer! to monetar "ntere!t, !pe&"4&all man%ate! that no "ntere!t !hall be %#e #nle!! "t ha! been epre!!l !t"p#late% "n wr"t"n' A! &an be 'leane% from the fore'o"n' pro$"!"on, pament of monetar "ntere!t "! allowe% onl "f* (+)there wa! an epre!! !t"p#lat"on for the pament of "ntere!t an% (2) the a'reement for the pament of "ntere!t wa! re%#&e% "n wr"t"n' he &on&#rren&e of the two &on%"t"on! "! re#"re% for the pament of monetar "ntere!t h#!, we ha$e hel% that &olle&t"on of "ntere!t w"tho#t an !t"p#lat"on therefore "n wr"t"n' "! proh"b"te% b law Art"&le +960 of the C"$"l Co%e, "f the borrower of loan pa! "ntere!t when there ha! been no !t"p#lat"on therefore, the pro$"!"on! of the C"$"l Co%e &on&ern"n' Sol#t"on "n%eb"t" !hall be appl"e% Art"&le 2+5: of the C"$"l Co%e epla"n! the pr"n&"ple of !ol#t"o "n%eb"t" Sa"% pro$"!"on pro$"%e! that "f !ometh"n' "! re&e"$e% when there "! no r"'ht to %eman% "t, an% "t wa! #n%#l %el"$ere% thro#'h m"!ta.e, the obl"'at"on to ret#rn "t ar"!e!
(') ES. he pr"n&"ple of !ol#t"o "n%eb"t" appl"e! where* (+) a pament "! ma%e when there e"!t! no b"n%"n' relat"on between the paor, who ha! no %#t to pa, an% the per!on who re&e"$e% the pament an%
(2) the pament "! ma%e thro#'h m"!ta.e, an% not thro#'h l"beral"t or !ome other &a#!e In the pre!ent &a!e, pet"t"oner! obl"'at"on aro!e from a #a!"-&ontra&t of !ol#t"o "n%eb"t" an% not from a loan or forbearan&e of mone h#!, an "ntere!t of 6@ per ann#m !ho#l% be "mpo!e% on the amo#nt to be ref#n%e% a! well a! on the %ama'e! awar%e% an% on the attorne! fee!, to be &omp#te% from the t"me of the etra-?#%"&"al %eman% on 1 ar&h+99, #p to the 4nal"t of th"! e&"!"on In a%%"t"on, the "ntere!t !hall be&ome +2@ per ann#m from the 4nal"t of th"! e&"!"on #p to "t! !at"!fa&t"on
E"o!e" v. S&ou"e" Su&angan , 670 SCRA 95 (20+2) - De Do!ine: Ine!e" *a+ ,e i*&o"e$ even in %e a,"ene o "i&ulaion in %e on!a. eiione!/" un#a!!ane$ #i%%ol$ing o %e *one+ #%i% !ig%ull+ &e!ain" o !e"&on$en-"&ou"e" a*oun" o o!,ea!ane o *one+ #%i% an ,e on"i$e!e$ a" an involuna!+ loan.
Fa&t!* et"t"oner E!tore! entere% "nto a Con%"t"onal ee% of !ale w"th the re!pon%ent! Art#ro an% Ga#ra S#pan'an where pet"t"oner oere% to !ell an% re!pon%ent! to b# a par&el of lan% lo&ate% "n 8a"& Ca$"te for the pr"&e of :7 m"ll"on pe!o! : 3en%ee !hall be "nforme% a! to the !tat#! of AR &learan&e w"th"n +0 %a! #pon !"'n"n' of the %o&#ment! 6 Re'ar%"n' the ho#!e lo&ate% w"th"n the per"meter of the !#b?e&t Hlot owne% b !po#!e! Ha'ba'o, !a"% ho#!e !hall be mo$e% o#t!"%e the per"meter of th"! !#b?e&t propert to the 100 ! m area allo&ate% for H"t 3en%or hereb a&&ept! the re!pon!"b"l"t of !ee"n' to "t that !#&h a'reement "! &arr"e% o#t before f#ll pament of the !ale "! ma%e b $en%ee 7 If an% after the $en%or ha! &omplete% all ne&e!!ar %o&#ment! for re'"!trat"on of the t"tle an% the $en%ee fa"l! to &omplete pament a! per a'reement, a forfe"t#re fee of 25@ or %ownpament, !hall be appl"e% ;owe$er, "f the $en%or fa"l! to &omplete ne&e!!ar %o&#ment! w"th"n th"rt %a! w"tho#t an !#&"ent rea!on, or w"tho#t "nform"n' the $en%ee of "t! !tat#!, $en%ee ha! the r"'ht to %eman% ret#rn of f#ll amo#nt of %own pament 9 A! to the bo#n%ar"e! an% part"t"on of the lot! (+5,0+ ! m an% 100 ! m) 3en%ee !hall be "nforme% "mme%"atel of "t! appro$al b the GRC +0 he $en%or a!!#re! the $en%ee of a pea&ef#l tran!fer of owner!h"p
After almo!t !e$en ear! from the &ontra&t! ee&#t"on "n&l#%"n' the 15 m"ll"on %own pament ma%e b the re!pon%ent!, pet"t"oner !t"ll fa"le% to to &ompl w"th her obl"'at"on a! epre!!l pro$"%e% "n the abo$e para'raph! :, 6, 7, 9 an% +0 ;en&e re!pon%ent-!po#!e! "n a letter,
%eman%e% the %own pament to be ret#rne% w"th"n +5 %a! from re&e"pt et"t"oner prom"!e% to ret#rn !a"% amo#nt w"th"n +20 %a! et"t"oner !t"ll fa"le% to %o !o %e!p"te %eman% wh"&h prompte% re!pon%ent! to 4le a &ompla"nt for !#m of mone before the RC pra"n' that pet"t"oner be or%ere% to pa the pr"n&"pal amo#nt of 15 m"ll"on pl#! "ntere!t !tart"n' from /&tober +, +991 e!t"mate% to be 5 m"ll"on pl#! %ama'e! et"t"oner! an!were% w"th &o#nter&la"m that the are w"ll"n' to pa the pr"n&"pal amo#nt b#t w"tho#t the "ntere!t a! the !ame wa! not a'ree% #pon ar'#"n' that !"n&e the Con%"t"onal ee% of Sale pro$"%e% onl for the ret#rn of the %ownpament "n &a!e of brea&h, the &annot be hel% l"able to pa le'al "ntere!t a! well RC r#le% "n fa$or of re!pon%ent 'rant"n' them 6@ "ntere!t "n!tea% of the +2@ the prae% for he CA arme% the RC
not f#l4lle% an% the mone wa! not ret#rne% notw"th!tan%"n' %eman% et"t"oner! #nwarrante% w"thhol%"n' of the mone wh"&h r"'htf#ll perta"n! to re!pon%ent-!po#!e! amo#nt! to forbearan&e of mone wh"&h &an be &on!"%ere% a! an "n$ol#ntar loan A! !#&h "t "! the +2@ "ntere!t re!er$e% for loan! that !hall appl S"n&e the %ate of %eman% wh"&h "! September 27, 2000 wa! !at"!fa&tor"l e!tabl"!he% %#r"n' tr"al, then the "ntere!t rate of +2@ !ho#l% be re&.one% from !a"% %ate of %eman% #nt"l the pr"n&"pal amo#nt an% the "ntere!t thereon "! f#ll !at"!4e% "!po!"t"$e* et"t"on en"e%
Naa! v. 0alle!+ F!a*e" an$o! 2o!$e+ , L R 8o +97+, A#'#!t +1, 20+1 - D o&tr"ne 2OLD Fa&t!* "n br"ef* + 2 1 : 5 6 7 9
8"&ar "! an emploee of Laller frame! 8"&ar wa! "lle'all %"!m"!!e% Gabor arb"ter to SC - 'rante% an' 95M na ba&.wa'e! Laller Appeale% - "!m"!!e% an% re$erte% ba&. to 8GRC for ee&#t"on 8GRC re&omp#te - na'"n' :7+M Laller Frame! Appeale% pa'.a re&omp#te +:7M +:7M pa"% an% a&&epte% b 8"&ar Appeale% for re&omp#tat"on Lrante% n' 8GRC pero han''an' "ntere!t na lan' %aw I!!#e* a'.ano "ntere!t Ma!" %at" +2@ .a!o na'relea!e an' ban'.o Sentral na 6@ na lan' %aw R#l"n'* Interest; legal rate beginning July 1, 21!. "he guidelines laid down in the case o# $astern %hipping &ines are accordingly modi#ied to embody '%()*' +ircular o. -, as #ollows/
I. 0hen an obligation, regardless o# its source, i.e., law, contracts, uasicontracts, delicts or uasi)delicts is breached, the contravenor can be held liable #or damages. "he provisions under "itle VIII on 34amages5 o# the +ivil +ode govern in determining the measure o# recoverable damages. II. 0ith regard particularly to an award o# interest in the concept o# actual and compensatory damages, the rate o# interest, as well as the accrual thereo#, is imposed, as #ollows/ 1. When the obligation is breached, and it consists in the payment of a sum of money , i.e., a loan or #orbearance o# money, the interest due should be that which may have been stipulated in writing. 6urthermore, the interest due shall itself earn legal interest from the time it is judicially demanded. In the absence of stipulation, the rate of interest shall be 6% per annum to be computed from default , i.e., from judicial or extrajudicial demand under and sub7ect to the provisions o# Article 118 o# the +ivil +ode.
2. 0hen an obligation, not constituting a loan or #orbearance o# money, is breached, an interest on the amount o# damages awarded may be imposed at the discretion o# the court at the rate o# 89 per annum. o interest, however, shall be ad7udged on unliuidated claims or damages, except when or until the demand can be established with reasonable certainty. Accordingly, where the demand is established with reasonable certainty, the interest shall begin to run #rom the time the claim is made 7udicially or extra7udicially :Art. 118, +ivil +ode, but when such certainty cannot be so reasonably established at the time the demand is made, the interest shall begin to run only #rom the date the 7udgment o# the court is made :at which time the uanti#ication o# damages may be deemed to have been reasonably ascertained. "he actual base #or the computation o# legal interest shall, in any case, b e on the amount #inally ad7udged. !. 0hen the 7udgment o# the court awarding a sum o# money becomes #inal and executory, the rate o# legal interest, whether the case #alls under paragraph 1 or paragraph 2, above, shall be 89 per annum #rom such #inality until its satis#action, this interim period being deemed to be by then an euivalent to a #orbearance o# credit. And, in addition to the above, 7udgments that have become #inal and executory prior to July 1, 21!, shall not be disturbed and shall continue to be implemented applying the rate o# interest #ixed therein.
