In view of the national government’s declarations placing different parts of the country under ECQ, MECQ or GCQ, and the IATF Resolution No. 33, Series of 2020, dated May 6, 2020, which reads:
“F. As a matter of declared national policy and pursuant to paragraphs (aa) and (bb), Section 4 of Republic Act No. 11469, all banks, quasi-banks, financing companies, lending companies, and other financial institutions, public and private, including the Government Service Insurance System, Social Security System and Pag-ibig Fund, are directed to implement a minimum of a thirty (30)-day grace period from due date or until such time that the community quarantine is lifted, whichever is longer, for the payment of all loans, including but not limited to salary, personal, housing, and motor vehicle loans, as well as credit card payments, falling due within the period of the Enhanced Community Quarantine (ECQ) or General Community Quarantine (GCQ) without incurring interests, penalties, fees, or other charges. Persons with multiple loans shall likewise be given a minimum 30-day grace period from due date or until such time that the community quarantine is lifted, whichever is longer, shall be observed for every loan,”
Please be advised of the automatic extension of the initial 30-day grace period for all loans with principal and/or interest falling due within the extended period of ECQ, MECQ or GCQ, without incurring interest on interest, penalties, fees and other charges.
In this regard, all cooperatives duly registered with the Authority which provide credit and other lending services are hereby reminded to strictly comply with the law and are directed to further extend the 30-day grace period to borrowers with loans falling due within the ECQ, MECQ and GCQ period.
(Sgd) Usec. ORLANDO R. RAVANERA
Chairman
