03/10/2020
Banks, financial firms to offer one-time 60-day grace period for loan payments
Bangko Sentral ng Pilipinas (BSP) has issued a memorandum to all its supervised banks and financial institutions on the implementation a one-time 60-day grace period to all loan payments falling due on or before December 31, 2020, in line with the recently enacted Bayanihan to Recover as One Act or Bayanihan II.
Under Bayanihan II, a non-extendible, one-time 60-day mandatory grace period shall be granted by BSP supervised financial institutions (BSFIs) with lending operations including banks, quasi-banks, non-stock savings and loan associations, credit card issuers, pawnshops, and other credit granting entities under the supervision of BSP.
Borrowers whose loans, with principal and/or interest, including amortizations, falling due, or any part thereof, on or before December 31, 2020, shall be entitled to a one-time grace period without incurring interest on interests, penalties, fees, or other charges.
READ: Implementing Rules and Regulations (IRR) and frequently asked questions from BSP (http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m074.pdf)
For concerns or inquiries, you may reach out to BSP through their hotline (+632)87087701, email at [email protected], or message Bangko Sentral ng Pilipinas.