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Manila Bulletin devider Business devider Banks trust 'Bayanihan' Act IRR

Banks trust 'Bayanihan' Act IRR

Published Apr 2, 2020 12:00 am
By Lee C. Chipongian The Bankers Association of the Philippines (BAP) reiterated their earlier pronouncement of support to the “Bayanihan To Heal As One” Act and that they “trust” the law will also protect financial institutions. “We trust that the provisions under the IRR(implementing rules and regulations) are meant to protect the collective interests of our stakeholders,” the BAP said Thursday. It added that the “banking industry and individual banks respect the IRRand will follow the law and its implementing rules in order to achieve its objectives.” The IRRof the Bayanihan To Heal As One Act or Republic Act No. 11469 detailed the mandatory 30- day grace period for all loans with principal and/or interest that will be collectible or falling due during the March 17-April 12 enhanced community quaratine (ECQ). During this period, all lending institutions not just banks, will not charge or apply interest on fees and charges. According to the BAP, “in these extraordinary times, more than ever, the Philippine banking system continues to demonstrate a strong collaboration among stakeholders through issuance of guidelines in a clear and timely manner.” The group added that they “remain resilient during this disruptive time for our country and economy. We are committed in doing all necessary measures to help win the fight against COVID-19.”
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