US EditionPhilippines Grants Banks Flexibility to Extend Loan Payments Amid Energy Crisis
The central bank also urged lenders to suspend online banking and e-money fees as fuel costs and inflation rise.
- On Wednesday, April 15, the Bangko Sentral ng Pilipinas issued Monetary Board Resolution 296, granting temporary grace periods of up to six months for loan payments to borrowers affected by the national energy emergency.
- President Ferdinand Marcos declared a national energy emergency last month, citing fuel supply threats and economic instability stemming from the Middle East conflict that pushed gasoline prices significantly higher.
- Banks may defer agricultural loan payments for up to one year and temporarily exclude affected loans from non-performing classifications, subject to prudent judgment in determining repayment capacity.
- Reducing transportation costs, the BSP urged financial institutions to suspend fees on online platforms like InstaPay and PESONet, as "lower-cost digital transactions may help consumers and businesses."
- BSP Governor Eli Remolona Jr. told BusinessWorld that regulators want banks to implement "standardized restructuring" for low-income borrowers to ensure continued lending activity during the crisis.
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BSP approves relief measures for banks, borrowers amid war shock - BusinessWorld Online
THE BANGKO SENTRAL ng Pilipinas (BSP) has approved relief measures to help give both banks and borrowers financial flexibility and support continued lending activity in the face of rising costs due to the impact of the Middle East war. Financial institutions are allowed to grant affected borrowers temporary grace periods of up to six months for loan payments, according to the relief measures approved under Monetary Board Resolution No. 296 dated…
BSP allows delayed debt payments, other relief measures amid Middle East crisis
The Bangko Sentral ng Pilipinas has approved several regulatory relief measures amid the ongoing fuel crisis caused by Middle East tensions, including a relief period for affected borrowers.
BSP allows 6-month loan payment delay, 1-year agri loan deferment
Filipino borrowers affected by the ongoing energy crisis have been given up to six months to delay loan payments without penalties following the the Bangko Sentral ng Pilipinas' (BSP) rollout of relief measures as the country remains in a national state of energy emergency.
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