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BSP: Grace period for bank and credit card loans still applicable

By Rizal Obanil

An official of the Bangko Sentral ng Pilipinas (BSP) explained Tuesday that the grace period for bank loans and credit card payments should still be applicable under the modified enhanced community quarantine (MECQ).

(MANILA BULLETIN)

(MANILA BULLETIN)

In an interview over Dobol B sa News TV Tuesday, BSP managing director Pia Tayag said that the law is clear on this matter.

“Yung batas talagang klaro s’ya na during the ECQ, dapat hindi isipin itong mga bayarin. (The law is clear that during the ECQ debt payment should be farthest from their mind),” she said.

The law that Tayag referred to is the “Bayanihan to Heal as One Act” which was passed in April.

The law covers among others the grace period on payment of loans and credit card debts because of the situation that the entire country is facing due to the coronavirus disease 2019 (COVID-19).

It can be recalled that from being under the enhanced community quarantine (ECQ) Metro Manila and many parts of Luzon transitioned to MECQ on May 16.

Many of the safeguards as well as prohibitions under ECQ will still be in place under MECQ.

For their part, government agencies who are tasked to collect contributions and loan payments like Pag-IBIG, have either extended their deadlines or implemented schemes that will make it easier for their members to pay their loans.

What is important Tayag said, is that the borrowers coordinate with their respective banks to clarify this matter.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/19/bsp-grace-period-for-bank-and-credit-card-loans-still-applicable/)

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