Banks offer grace period for loans during Luzon quarantine

MANILA, Philippines — To help consumers and small entrepreneurs cope with the monthlong lockdown of Luzon amid the new coronavirus disease (COVID-19) pandemic, several banks have given their clients a 30- to 60-day grace period on loan payments, while waiving transaction fees.

BDO Unibank offered a 60-day grace period for credit card, auto, home, small and medium enterprises and personal loan customers with due dates of up to April 15, while Security Bank extended payment by 30 days on credit cards and loans with no past due balance as of March 16. Security Bank also waived remittance fees through its EGiveCash platform and ATM withdrawal fees nationwide.

The following banks also approved a 30-day grace period for loan payments: Bank of the Philippine Islands, Metropolitan Bank and Trust Co., Philippine Savings Bank (PSBank), East West Bank, Rizal Commercial Banking Corp. (RCBC), China Bank, United Coconut Planters Bank and Philippine National Bank (PNB), whose payment extension also covers credit cards.

RCBC, PSBank and PNB said that retail and corporate customers enrolled in their online and mobile channels could also transfer funds via InstaPay and PESONet free of charge starting March 18.

“(B)anks are also extending flexible arrangements to borrowers at these extraordinary times,” said Benjamin Castillo of the Bankers Association of the Philippines.

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