In the case of loans or forbearances of money, the rate of legal interest used to be twelve percent (12%) per annum pursuant to Central Bank Circular No. 905-82, which took effect on January 1, 1983. "The term 'forbearance', within the context of usury law, has been described as a contractual obligation of a lender or creditor to refrain, during a given period of time, from requiring the borrower or debtor to repay the loan or debt then due and payable."
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