According to the Bangko Sentral ng Pilipinas (BSP), the payment of late fees and finance charges will be suspended within the 30-day grace period issued in light of the enhanced community quarantine.
“There, it is very explicit, that no fees and charges will be incurred, and no interest,” said BSP managing director Pia Roman-Tayag, who heads the BSP’s Center for Learning and Inclusion Advocacy. The Bayanihan to Heal as One Act, a law enacted to counter the COVID-19 pandemic, stipulates that the collection of those fees is not allowed during the duration of the quarantine.
According to Tayag, credit card companies may collect interest from people who pay only the minimum amount required, but this interest will be charged on a "staggered basis," as to not overwhelm payors. Meanwhile, credit card holders who pay the full sum of their bills will be effectively exempted from the fees.
The grace period applies to consumer loans (i.e. credit card, auto, and housing loans), as well as to commercial loans.
Complying with the grace period are the following establishments: all banks, quasi-banks, non-stock savings and loan associations, credit card, pawnshops; and financial institutions under Bangko Sentral, namely the Securities and Exchange Commission, Cooperative Development Authority, Government Service Insurance System, Social Security System, and Pag-IBIG.
Luzon was placed under an enhanced community quarantine until April 12. As of writing, there are 2,633 cases of COVID-19 in the Philippines, of which there are 107 deaths and 51 recoveries.
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