Bangko Sentral ng Pilipinas (BSP) has recently approved a memorandum that requires all BSP-regulated financial institutions to comply with the 60 days grace period on loans amended under the RA 11494 or the “Bayanihan To Recover As One Act” (Bayanihan 2). 068 series of 2020 states that "all loans that are existing, current, outstanding, existing, current, and outstanding falling due, or any part thereof, on or before December 31, 2020” shall be given a mandatory, one-time 60 days grace period. Banks and financial institutions that are supervised by the agency shall not continue the charging or application of interest on interest, penalties, fees, or either charge during the grace period to future payments or amortization of the loaners. Borrowers may also pay the accrued interest for the given one-time grace period on a staggered basis until December 31, 2020. Read more in our articles including "Bangko Sentral ng Pilipinas approves 2-month grace period on loan payments" and "SSS implements 'all salary loans must be filed online' policy".
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Apr 29, 2026Bangko Sentral ng Pilipinas (BSP) has recently approved a memorandum that requires all BSP-regulated financial institutions to comply with the 60 days grace period on loans amended under the RA 11494 or the “Bayanihan To Recover As One Act” (Bayanihan 2). 068 series of 2020 states that "all loans that are existing, current, outstanding, existing, current, and outstanding falling due, or any part thereof, on or before December 31, 2020” shall be given a mandatory, one-time 60 days grace period.
Banks and financial institutions that are supervised by the agency shall not continue the charging or application of interest on interest, penalties, fees, or either charge during the grace period to future payments or amortization of the loaners. Borrowers may also pay the accrued interest for the given one-time grace period on a staggered basis until December 31, 2020.
Our coverage of grace period for loan payments includes: "Bangko Sentral ng Pilipinas approves 2-month grace period on loan payments"; "SSS implements 'all salary loans must be filed online' policy"; "Globe Prepaid Subs Can Now Call, Text, Surf and Enroll to Promos Even w/o Load". Each article provides unique insights and information.