Published March 2, 2021, 5:30 AM
Price of motorcycles sold on installment payment is 25 percent higher than the cash price of the unit, according to Trade and Industry Secretary Ramon M. Lopez.
Lopez said this was found out by the DTI as it conducts public hearings on the draft Memorandum Circular that will promote payment options in consumer transactions and prohibit the selling of goods and services on installment basis only.
According to Lopez, the difference in price for motorcycles on installment payment is 25 percent higher than the price for cash payment. The higher prices of the unit for installment payment is due to the high interest rate, he said.