Indonesia extends loan relief to some pandemic-hit sectors | Inquirer Business

Indonesia extends loan relief to some pandemic-hit sectors

/ 01:13 PM November 28, 2022

JAKARTA  – Indonesia has extended loan forbearance for businesses such as accommodation as well as the textile and footwear industries that are yet to recover from the impact of the COVID-19 pandemic, the country’s financial regulator said on Monday.

The Financial Services Authority (OJK) has since March 2020 provided incentives to banks to restructure loans for debtors suffering during the pandemic.

ADVERTISEMENT

“Most sectors and industries have recovered with a strong growth. However, based on our in-depth analysis, several exceptions were found due to the prolonged impact of the COVID-19 pandemic,” OJK said in a statement.

The new extension will last until March 2024 and will apply to businesses such as accommodation, food and beverage, and labour-intensive industries like textile and footwear, OJK said.

FEATURED STORIES

All micro, small and medium enterprises will also be eligible to the incentives, the regulator said.

The rules, which means lenders do not have to set aside provisions for souring loans, have helped prevent a spike in Indonesia’s non-performing loan (NPL) ratio.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: businesses, Indonesia, pandemic, Relief
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.