Implementation of 60-Day Loan Moratorium Loans under Bayanihan 2

The newly-signed Bayanihan to Recover as One Act or "Bayanihan 2" shall provide a 60-Day Grace Period to loans due on or before December 31, 2020.

This grace period shall impose no interest on interest, penalties, and other charges until December 31, 2020, or date agreed upon by the lender and borrower.

The Bangko Sentral ng Pilipinas (BSP) confirmed this and therefore drafted the implementing rules of the 60-day moratorium on loans.

Public and private financial institutions are covered by this moratorium according to BSP Governor Benjamin Diokno.

For utilities, a 30-day grace period shall be imposed in places under Enhanced Community Quarantine (ECQ) and Modified Enhanced Community Quarantine (MECQ) with no interest, penalties & other charges with the period of community quarantine.

For rents of those not permitted to work and MSMEs and cooperatives ordered to temporarily cease operations, equal installment, no interest, penalties & other charges until December 31, 2020. No rent increase during community quarantine.

Source: Sonny Angara (One of the authors of Bayanihan 2)

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