Gatchalian seeks loan, credit card reprieves

SEN. Sherwin Gatchalian urged all banks, including quasi-banks, financing companies, lending companies, and other financial institutions, both public and private, including the Government Service Insurance System, Social Security System 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 this provision when the senators deliberated on the “Bayanihan To Heal As One Act.” He 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 a 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.

“Sadiwangbayanihan,kailangan Itoangpanahongdapatnagkakaisa athangarinnatulunganangisa’t isalalona’tmaramingnawalan ngtrabaho.Dahilsa lockdown, maramiangnangangambakung maybabalikanpasilangtrabaho. Alamnamanponatinangpinaka prayoridadsangayonaypagkain, tubig,gamotatibapangpangunahing (In the spirit of bayanihan, the cooperation of everybody is needed. This is the time that we must unite for our needs and intention to help one another especially so that many will lose their jobs due to lockdown. Everybody knows that the priority for now is food, water, medicines and other necessities at home),” Gatchalian said.

The Bangko Sentral ng Pilipinas 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 coronavirus pandemic.