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BSP urges banks to provide temporary grace period for loan payments, suspend online banking fees
The Bangko Sentral ng Pilipinas (BSP) has urged banks to offer financial relief, including suspending online banking fees and granting a grace period for loan payments, amid the COVID-19 pandemic and enhanced community quarantine.
BSP Governor Benjamin Diokno stated these measures are intended to help the public and provide regulatory relief to financial institutions.
Financial institutions are encouraged to provide financial assistance to employees affected by the pandemic.
Regulatory relief for banks includes excluding certain loans from past due ratios for a year and allowing staggered booking of provisions for losses over five years.
Monetary penalties for delayed report submissions and reserve deficiencies will not be imposed by the BSP under certain conditions.
Banks can also avail of a grace period on rediscounting obligations with relaxed eligibility criteria.
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