As the whole of Luzon entered an extended lockdown period as part of measures to contain the coronavirus pandemic, Philippine banks also extended the grace period to their borrowers as mandated by the “Bayanihan To Heal As One” Act.The Bankers Association of the Philippines (BAP) clarified on Monday that the grace period for the payment of consumer and other loans would be automatically lengthened now that the government had extended the lockdown period for Luzon until end-April.
The BAP has reiterated the commitment of the banking community to do “all necessary measures to support the national government in fighting against COVID-19.”
Thrift bank Philippine Savings Bank, in a press statement, said loan payments for all types of loans with due dates falling within the new enhanced community quarantine (ECQ) dates would get another 30-day grace period. This stretches out the loan payment moratorium granted by PSBank in the previous month, for loan dues beginning March 15, 2020.
HSBC Philippines also said on Monday that credit cards, loans and mortgages payment due dates for its customers had been extended by another 30 days. This is to allow customers to effectively manage their cash flow and transactions amid the ECQ in Metro Manila and the rest of Luzon.
Given the global market volatility affecting investment holdings with HSBC Philippines during the ECQ period, the bank also announced
the waiver of monthly minimum balance fees for retail customers with investments or insurance.
HSBC said it was also actively reviewing the provision of new trade loans/financing and extension of tenors to ensure supply chains are not disrupted. —Doris Dumlao-Abadilla INQ