al relief during the COVID-19 lockdown.
Ayala-owned will not collect interest or surcharges on the loans of frontline workers in efforts to contain the spread of the virus, BPI president and CEO Cezar Consing said. "We admire what you’re doing. We know it's a huge sacrifice, you do this at great risk to yourself, this is the least we can do at this time," Consing told ANC. BPI earlier said that it was giving a 30-day grace period for eligible clients to pay their auto, home, personal and other loans in light of the suspension of business activities from March 15 to April 12 because of the COVID-19 lockdown of Luzon.
"We are going to judge by ability, solvency, liquidity. We are going to do everything you can to keep you going," Consing said adding that the bank wanted to keep its business clients "alive." While loan defaults are likely to rise because of reduced economic activity during the lockdown "the Philippine banking system has the capital and the wherewithal to deal with higher default rates."
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