SJ Corp. faces a seasonal increase for its working capital and needs the full use of Php 100,000 for 90 days.

A factor will buy the company’s receivables for an annual interest charge of 13%. The factor will advance up to 90% of the face value of receivables sold (the 90% advance is needed by the SJ Corporation) with a 2% charge on all receivables purchased. The factor’s services will save the firm a Credit Department and bad debt expense of P500 per month. What is the annualized percentage interest cost of this receivable factoring loan? Use 4 decimal places.