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Borrowers get another 30-day grace period

account_balanceMetro News account_circleMichael Lim chat_bubble_outline0 Comments

Loan payments with due dates that fall within the extended Luzon lockdown period will get another 30-day grace period, according to an official of the Bangko Sentral ng Pilipinas.

President Rodrigo Duterte extended the lockdown of millions in Luzon by 18 days to April 30. A 30-day payment moratorium was granted earlier to loan dues that fell within the original March 17 to April 12 lockdown period.

"With the extension, basically any payment that falls due for the duration of the extended period gets 30 day grace," Bangko Sentral ng Pilipinas Managing Director Pia Roman-Tayag said in an interview over ABS-CBN.

A 30-day moratorium effectively moves the term by one payment period, Tayag said.

"For next payment after ECQ (enhanced community quarantine), you only pay for that period's principal and interest and possibly the interest accrued from the ECQ," she said.

For those who skipped to payments during the lockdown, they only need to pay the principal plus interest for one month after the quarantine period, Tayag said.

If for example, a borrower skipped payments on March 17 and April 17, he or she only needs to pay the 1-month principal plus interest, she said.

"You have the option to also pay on May 17 the interest only accrued for the two periods or you can stagger then through the life of the loans," she said.

Under the Bayanihan to Heal as One Act, all lending institutions are required to give a 30-day grace period for all loans with payment dues that fall within the lockdown period. 

It covers all banks, quasi-banks, non-stock savings and loan associations, credit card issuers and pawnshops. It also includes financial institutions under BSP, Securities and Exchange Commission, Cooperative Development Authority, Government Service Insurance System, Social Security System and Pag-IBIG.

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