As for
petitioner's claim of stipulated interest of three percent (3%) per month, we
are constrained to deny the same. Article 1956 ordains that No interest shall
be due unless it has been expressly stipulated in writing. Thus, in the absence
of any written proof of the supposed stipulation, petitioner's claim of
interest has no factual basis.
At any rate,
even if proved, the Court would have just struck it down for being
unconscionable. Instead, we impose the legal interest rates in accordance with
pertinent jurisprudence. Consequently, legal interest of twelve percent (12%)
per annum is imposed pursuant to Eastern Shipping Lines, Inc. v. Court of
Appeals from extrajudicial demand on September 21, 2001 until June 30, 2013.
Thereafter, the legal interest rate is reduced to six percent (6%) per annum
from July 1, 2013 until finality of this decision pursuant to Nacar v. Gallery
Frames.
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