In 30 days, a 0.5% fee will be charged on credit purchases

In 30 days, when the Monetary and Financial Code takes effect, all persons who obtain loans or credit (for cars, for housing, for credit card purchases, etc.) will pay a fee of 0.5% on the amount of credit to finance comprehensive cancer care.

According to the standard, the Ministry of Health will monitor and audit the funds collected and will transfer a portion of those resources to the Society of Struggle against Cancer (Solca).

Oswaldo Larriva, head of the Commission of Economic Regime, says that “the allocation seeks to guarantee a safe funding for cancer care, which involves huge expenses for Ecuadorians.”

However, it should be emphasized that the provision also states that this rate may be reduced, via Executive Order, to 0.01% for certain cases or segments and by request of the Board that will monitor the financial system. The text notes that the reasons to reduce the rate could be economic or social.