Assistance to debtors appealed by Senator Bong Go

Senator Christopher “Bong” Go appealed to financial institutions to extend assistance to debtors in the form of grace periods and similar activities to lighten the load of those heavily affected by business disruptions due to COVID-19.

Sen. Bong Go echoed provisions in Republic Act No. 11469 or the Bayanihan to Heal as One Act pertaining to the payment of loans as he appealed to lenders and other financial institutions to go on lightly in the collection of debt amidst the COVID-19 pandemic in the Philippines.

As the country moves to ease quarantine restrictions and jumpstart the economy, Sen. Go explained that an extended payment period would be beneficial to businesses as they adjust to the new normal.

"Bigyan po natin sila ng pagkakataong makaahon muli mula sa krisis na ito at tulungan nating mapagaan ang kanilang pinapasan," he said.

The senator also requested financial institutions to consider the temporary suspension of interest charges for both consumer and commercials loans.

"Nakikiusap po tayo sa mga bangko at ibang financial institutions na bigyan ng palugit o magkaroon ng financial restructuring programs para sa mga negosyo at indibidwal na pinaka-apektado ng COVID-19 pandemic," the senator said.

 

Under the Bayanihan to Heal as One Act, the President is authorized to direct financial institutions and similar entities to implement a minimum of a 30-day grace period for the payment of all loans without incurring interests, penalties, fees and other charges. Such loans included in the provision include salary loans, personal loans, housing, and motor vehicle loans, as well as credit card payments.

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