(NAR) VOL. 1 NO.4 / OCTOBER - DECEMBER 1990
P=A x.02 x n/30
where
P is the Penalty
A is the amortization payment
n is the number of days delayed.
Amortization shall be inclusive of the principal and interest due for the period. Interest shall bear the rate of the first defaulted amortization. This rate shall be constant until such time that the loan is updated.
For strict compliance.
Adopted: 27 April 1990
(SGD.) ATANACIO V. MARONILLA
Administrator