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BSP tells banks, regulated firms: Comply with 60-day grace period on loans under Bayanihan 2

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/04/08/20200311-coronavirus-commuters-araneta-jc-1038.jpg"/><figcaption>Cash is exchanged at a passenger terminal in Quezon City. Jonathan Cellona ABS-CBN News/File</figcaption></figure></div>MANILA - All financial institutions regulated by the Bangko Sentral ng Pilipinas are &quot;immediately required&quot; to comply with the 60-day grace period on loans under the Bayanihan 2 law which took effect on Sept. 15, Gov. Benjamin Diokno said Friday. The Bayanihan to Recover As One or Bayanihan 2 law required all covered institutions to &quot;implement a mandatory one-time 60-day grace period to all existing, current and outstanding loans falling due, or any part thereof, on or before 31 Dec. 2020, Diokno said in a memorandum. &quot;The mandatory one-time 60-day grace period shall apply to each loan of individuals and entities with multiple loans,&quot; the memorandum reads.Financial institutions are told not to charge interest on interest, penalties, fees or other charges during the mandatory one-time 60-day grace period, it said. Accrued interest for the moratorium may be paid by the borrower on a staggered basis until Dec. 31, 2020.The BSP said parties may agree on a grace period longer than 60 days and payment of accrued interest on a staggered basis beyond Dec. 31.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/03/20/bills-loans-in-the-time-of-covid-19-what-it-means-to-skip-a-month-of-payments">Bills, loans in the time of COVID-19: What it means to skip a month of payments</a></li></ul>Financial adviser Salve Duplito, however, said an earlier grace period is just a &quot;postponement&quot; and not a condonation of loans, which means borrowers still need a plan to pay for it.The government earlier implemented a <a href="https://news.abs-cbn.com/business/04/08/20/philippines-loans-grace-period-lockdown-extension-coronavirus-bangko-sentral">30-day</a> reprieve on some monthly payments to help them cope with the COVID-19 pandemic. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/20/20/lawmakers-bankers-agree-on-60-day-loan-reprieve-under-bayanihan-2-angara">Lawmakers, bankers agree on 60-day loan reprieve under Bayanihan 2: Angara</a></li></ul>

All financial institutions regulated by the Bangko Sentral ng Pilipinas are "immediately required" to comply with the 60-day loan moratorium for loans as the Bayanihan 2 law took effect on Sept. 15, Gov. Benjamin Diokno said Friday.

All financial institutions regulated by the Bangko Sentral ng Pilipinas are "immediately required" to comply with the 60-day loan moratorium for loans as the Bayanihan 2 law took effect on Sept. 15, Gov. Benjamin Diokno said Friday.