Inquirer
Banks OK 30-day loan payment moratorium
The Bankers Association of the Philippines (BAP) supports the "Bayanihan To Heal As One" Act and trusts its Implementing Rules and Regulations (IRR) will safeguard financial institutions.
The banking industry respects the IRR and will adhere to the law's provisions to achieve its objectives.
The IRR mandates a 30-day grace period for loan payments falling due during the enhanced community quarantine (ECQ).
During this period, all lending institutions are prohibited from charging interest on interest, penalties, fees, and other charges.
This initial 30-day grace period will be automatically extended if the government extends the ECQ.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Department of Finance (DOF) released the implementing rules and regulations (IRR) for the mandatory 30-day loan payment grace period.
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The Securities and Exchange Commission (SEC) has directed all lending and financing companies to postpone loan collections and penalty charges during the COVID-19 national emergency.
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The Government Service and Insurance System (GSIS) has granted a three-month moratorium on loan payments for its members and pensioners, including housing loan amortizations, in compliance with the Bayanihan Heal as One Law.
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Senator Christopher Lawrence "Bong" Go commended the Bankers Association of the Philippines (BAP) for their commitment to keep banking services accessible and maintain reasonable lending rates during the enhanced community quarantine.
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The Philippine National Police (PNP) leadership has granted its personnel a 30-day moratorium on salary deductions for existing loans from six accredited financial institutions to help them cope with the economic impact of the COVID-19 pandemic.
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