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Manila Bulletin devider Philippines devider Banks, lending firms to give one-month grace period on loan payments - BIR

Banks, lending firms to give one-month grace period on loan payments - BIR

Published Apr 3, 2020 12:00 am
By Jun Ramirez The Bureau of Internal Revenue (BIR) has instructed banks, financial and other lending institutions to grant borrowers a minimum of one month grace period to amortize, or pay their loans during the Enhanced Community Quarantine (ECQ). MB FILE -- BIR Commissioner Cesar Dulay, (Mark Balmores / MANILA BULLETIN) BIR Commissioner Caesar Dulay (MARK BALMORES / MANILA BULLETIN FILE PHOTO) "Lenders shall also waive all penalties," BIR Commissioner Caesar Dulay said. In issuing Revenue Regulations No.8-2020, the BIR chief said the guideline implemented a provision of the Bayanihan to Heal as One Act (RA 11469) passed by Congress to help alleviate the financial hardship faced by borrowers during the ECQ which was imposed by the government to fight the Corona Virus-19 pandemic. The delayed repayments covered personal, housing and motor vehicle loans as well as credit card debts. It also applies to individuals with multiple loans. "These regulations cover all extensions of payments and maturity periods of all loans ...credit restructuring, micro-lending and those obtained from pawnshops," Dulay added. Also mentioned in the regulations are loans secured from government financial outfits like the Social Security System, the Government Service Insurance System and the Pag-ibig Fund. The guideline was signed by Finance Secretary Carlos Dominguez III based on the recommendation of Dulay.
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