Pawned items under ECQ covered by grace period

The Bangko Sentral ng Pilipinas (BSP) on Monday reiterated that pawnshops are not allowed to repossess properties that have not been paid out under the enhanced community quarantine (ECQ).

According to BSP Center for Learning and Inclusion Advocacy Pia Roman-Tayag, transactions with pawnshops are covered by the Bayanihan to Heal As One Act.

“Covered din po ang pawnshops, so kung ‘yung schedule po ay dapat nang magbayad at puamatak po nung ECQ, hindi po pwedeng maremata ‘yung pawned item kasi nga may grace period,” she said in an interview on Dobol B sa News TV Monday.

The Bayanihan to Heal As One Act was signed into law by President Rodrigo Duterte in March, granting him additional powers to curb the spread of the coronavirus disease 2019.

The implementing rules and regulations (IRR) for loan payments was released by the Department of Finance (DOF) in April.

The IRR mandated a 30-day grace period for all loans falling within the ECQ, covering transactions with banks, quasibanks, financing firms, lending companies, and other financial institutions both private and public including the Government Service Insurance System, Social Security System, and Pag-IBIG Fund.

Tayag said the BSP is now awaiting further guidance from the DOF on the IRR, given that several areas in the country have already shifted to the general community quarantine, while some remain under the modified enhanced community quarantine.

“DOF po ang nag-issue ng implementing rules, so we’re actually also awaiting some clarification ngayon nga pong marami ay GCQ na at meron pa pong iilan na ECQ kung ano yung treatment sa ganon,” she said. (GMA News Online)