Senator Win Gatchalian has proposed that all banks, including quasi-banks, financing companies, lending companies, and other financial institutions, both public and private, including the Government Service Insurance System (GSIS), Social Security System (SSS) and Pag-IBIG Fund, to implement a minimum of 30-day grace period for loan payments within the period of the enhanced community quarantine.
Gatchalian suggested to include this provision as the senators deliberated, amended and approved the third and final reading of Senate Bill (SB) No. 1418, which is a substitute bill of SB 1413 and was adopted by the House of Representatives, and now known as the “Bayanihan To Heal As One Act.” This gives the President several special powers to act on the COVID-19 pandemic.
Gatchalian specified that the payment reprieve covers, but is not limited to, salary, personal housing, and motor vehicle loans, as well as payment for credit card purchase. He said they should not incur interests, penalties, fees, or other charges. Persons with multiple loans shall likewise be given minimum of 30-day grace period for every loan.
The senator also proposed a minimum of 30-day reprieve on residential rents within the period of the enhanced community quarantine, without incurring interests, penalties and other fees and charges.
“Sa diwa ng bayanihan, kailangan ng kooperasyon ng lahat. Ito ang panahong dapat nagkakaisa tayo sa ating mga mithiin at hangarin na tulungan ang isa’t isa lalo na’t maraming nawalan ng trabaho. Dahil sa lockdown, marami ang nangangamba kung may babalikan pa silang trabaho. Alam naman po natin ang pinaka prayoridad sa ngayon ay pagkain, tubig, gamot at iba pang pangunahing pangangailangan sa bahay”, said Gatchalian.
Meanwhile, the Bangko Sentral ng Pilipinas (BSP) has earlier made available a grant of regulatory relief to some concerned banks and quasi-banks that may be affected by defaults from struggling borrowers due to the impact of the COVID-19 pandemic.