A proposed 60-day grace period for loan payments is included in the Bayanihan to Recover as One Act or Bayanihan 2, Senator Sonny Angara confirmed Thursday.
“Dati kasi may conditions pa na kailangan under quarantine or under ECQ, wala na ‘yun, 60-day grace period talaga. Let’s say due siya tomorrow, may 60 days ka na palugit,” Angara said.
(Before, there were conditions that an area needed to be under quarantine or under ECQ. It was removed, there would be a 60-day grace period. Let’s say it is due tomorrow; you have 60 days extension.)
“All loans kasama credit cards, kasama payment for insurance premiums, etc., puwedeng utang ng negosyo, business, investments, consumer credit loans,” he added.
(All loans including credit cards, including payment for insurance premiums, etc., can be used by businesses, business, investments, consumer credit loans.)
Also read: House approves P162 billion Bayanihan 2
60-day grace period for loan payments included in Bayanihan 2
According to Angara, Bangko Sentral ng Pilipinas expressed its concern for the financial stability of small banks. Initially, they proposed to have only 30 to 45 days of grace period, but in the end, the stakeholders agreed to have a 60-day grace period for loan payments.
“Na-realize nila kahit di namin i-impose ‘yan, ‘yun din ang mangyayari. People will be asking for restructuring of loans, more grace period,” Angara said.
(They realize that even if we do not impose that, that will also happen. People will be asking for the restructuring of loans, more grace period.)
Meanwhile, payments of residential rents and utility bills in which dues are within the period of ECQ or Modified ECQ shall have a 30-day grace period.
The bicameral conference committee also included a P10,000 special risk allowance for health workers in private companies in the proposed Bayanihan 2.
According to House Speaker Alan Peter Cayetano, the proposal is included in the House version of Bayanihan 2. The second Bayanihan law would provide a total of P10.5 billion for different compensation for medical frontliners, including the P10,000 special risk allowance for public and private health workers.