Quantcast
Latest Stories

Typhoon-affected banks get BSP relief

Financial firms in 9 regions battered by ‘Yolanda’

By

Survivors walk past damaged homes at typhoon-hit Tacloban city, Leyte province, on Saturday, Nov. 16, 2013. The Bangko Sentral ng Pilipinas has approved a fresh set of regulatory relief measures meant to help banks affected by Supertyphoon “Yolanda” normalize their operations. AP PHOTO/AARON FAVILA

The Bangko Sentral ng Pilipinas (BSP) has approved a fresh set of regulatory relief measures meant to help banks affected by Supertyphoon “Yolanda” normalize their operations.

In a statement, the BSP said the temporary relief measures would cover nine regions in Luzon, Visayas and Mindanao that were affected by Yolanda, the strongest typhoon to ever make landfall.

The BSP determined the covered areas based on a report by the National Disaster Risk Reduction and Management Council (NDRRMC) of regions that were declared under a state of calamity last week.

“Similar relief measures were extended by the BSP to thrift and rural/cooperative banks in cities/provinces that were affected by natural calamities such as typhoons Labuyo, Santi, the southwest monsoon (Habagat) rains enhanced by Typhoon Maring and the [recent] magnitude 7.2 earthquake in Sagbayan, Bohol,” the central bank said.

Banks with branches or head offices in regions IV-A, IV-B, and V, for Luzon, regions VI to VIII in Visayas, and regions X to XIII are eligible for the relief measures.

Among the measures for thrift, rural and cooperative banks are the exclusion of existing loans of borrowers in affected areas from the computation of past-due ratios, and the reduction to 1 percent from 5 percent of the BSP’s required general loan-loss provision for restructured loans of borrowers in the affected areas.

The BSP said it would also waive penalties on legal reserves deficiencies of thrift, rural and cooperative banks in affected areas. A moratorium on monthly payments due to the BSP for banks under rehab would also be implemented.

Banks will also be allowed to provide financial assistance to their officers and employees who were affected by the calamity, including benefits and other forms of assistance that may not be within the scope of the existing BSP-approved fringe benefits.

The BSP said it would also grant a 60-day grace period for the settlement of outstanding rediscounting obligations to the central bank. Rediscounting loans may also be restructured, on a case-to-case basis.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Bangko Sentral ng Pilipinas (BSP) , Banking , Philippines , supertyphoon Yolanda



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • 16 CADPI sugar refinery workers now out of danger after toxic shower in Batangas
  • PNP denies Purisima’s involvement in questionable deal with courier firm
  • Pro-Russian insurgents hold journalist hostage
  • UN heads say Syria aid needs ‘largely unanswered’
  • Captain who left doomed ferry had 40 years at sea
  • Sports

  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • UST posts twin kill in Filoil pre-season cup opening day
  • Wizards beat Bulls in OT to take 2-0 series lead
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Bollywood Oscars, film stars come to Florida
  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Business

  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • $103M Vista Land bonds tendered for redemption
  • Oil slips to $102 as US crude supplies seen rising
  • Technology

  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Brazil passes trailblazing Internet privacy law
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • Palace thanks Estrada for successful HK mission
  • Hong Kong accepts PH apology; sanctions also lifted
  • China won’t budge, wants PH gov’t to apologize to HK
  • Cha cha train to follow Obama visit?
  • No word yet on inking of US-PH defense pact during Obama visit
  • Marketplace