BSP gives another 30-day grace period for loans during modified ECQ

Borrowers will get more time to settle loans falling due this May, with the Bangko Sentral ng Pilipinas saying that the 30-day grace period still applies as parts of the country are placed under modified enhanced community quarantine.

"The MECQ shall have the same effect as the enhanced community quarantine with respect to the application of the mandatory grace period for the payment of all loans falling due within the period of MECQ," read Diokno's Memorandum No. M-2020-042 signed Monday. On Saturday, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases brought back Cebu City and Mandaue City under ECQ for May 16 to 31. The body also placed Metro Manila, Laguna, Bataan, Bulacan, Nueva Ecija, Pampanga, Angeles City, and Zambales under modified ECQ. Some businesses have been allowed to reopen in these areas, but strict stay-at-home policies remain unless residents are out to buy essential supplies or are off to work for authorized industries.

However, the BSP clarified that the grace period for loan settlement will be lifted if all provinces and cities in the country are downgraded from the ECQ or MECQ status. Regular payments will resume once the Philippines moves to general community quarantine.The BSP chief also asserted Tuesday that the country will not need to tap a short-term lifeline from the International Monetary Fund amid the coronavirus pandemic.

Need some more clarification on the issue of loans during ECQ. No penalty or interest during the time of ECQ, but after the ECQ and you cannot pay in full the of unpaid balance and need to make monthly payments on the balance, then, would it incur penalties and interest?

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