Another 30-day Grace Period for Loans and Rental Payments

Presidential Spokesperson Harry Roque has announced in an online press briefing yesterday, May 7, 2020, that residents who are affected by the community quarantine will be given another 30-day extension to pay their loans and rents.

30-Day Grace Period for Loans

Under Resolution No. 33, the following are mandated to implement a minimum of 30-day grace period for the payment of loans. The extension must be from the due date or until such time that the community quarantine is lifted:

• All Banks
• Financial Institutions including:
  • Government Service Insurance System (GSIS)
  • Social Security System (SSS)
  • Pag-IBIG Fund

This applies to loans with due dates falling within the period of the Enhanced Community Quarantine (ECQ) or General Community Quarantine (GCQ). Moreover,  no interests, penalties, fees, or other charges shall be collected for all loans falling due within the ECQ or GCQ.

30-Day Grace Period for Rents

According to the IATF’s resolution, a grace period of 30 days from the last due date or until the community quarantine is lifted shall also be granted for the settlement of the following with due dates falling within the duration of ECQ and GCQ:

• residential rents
• commercial rents of sectors that are not permitted during the community quarantine period

 

Source: Spox Roque Press Briefing