Land Bank grants reprieve for PUV borrowers
MANILA, Philippines — The Land Bank of the Philippines (LBP) has granted a 30-day grace period for all loans under its speed public utility vehicle (PUV) program.
The bank announced the provisions as in line with the implementing rules and regulations of the Bayanihan to Heal As One Act.
Under new conditions, those who availed of loans under the bank’s speed PUV program with principal and/or interest due within the March 17 to April 14 enhanced community quarantine period will be temporarily deferred.
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The accrued interest or loan principal will then be paid by the borrower on a staggered basis on the remaining life of the loan, LBP added.
—KRIXIA SUBINGSUBING
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