Banks in “Pablo”-stricken areas get regulatory relief

Published December 21, 2012 7:59pm

Banks in areas stricken by Super Typhoon Pablo (international name: Bopha) have been given regulatory relief to help ease the financial burden of clients devastated by the calamity, the Bangko Sentral ng Pilipinas said on Friday.

In a statement, the Bangko Sentral said eligible for relief measures are banks in the following areas identified by the National Disaster Risk Reduction and Management Council:

Region 4-B: Palawan

Region 6: Guimaras, Iloilo and Negros Occidental

Region 7: Bohol, Cebu, Negros Oriental and Siquijor

Region 8: Leyte, Northern Samar and Southern Leyte

Region 9: Zamboanga del Norte, Zamboanga del Sur and Zamboanga Sibugay

Region 10: Bukidnon, Camiguin, Lanao del Norte, Misamis Occidental and Misamis Oriental

Region 11: Compostela Valley, Davao del Norte, Davao del Sur and Davao Oriental

Region 12: North Cotabato and South Cotabato

Region 13 (CARAGA): Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur

All affected banks are permitted to help their officers and employees who were affected by the calamity.

Thrift, rural and cooperative banks may also exclude existing loans of borrowers from computation of past dues provided these are not restructured loans.

Penalties on legal reserve deficiencies and delays in submission of required reports were also lifted for affected banks.

Rediscounting banks may also restructure outstanding loans of borrowers affected by "Pablo."

"These measures will be in effect for a defined period and covered by additional specific and other prudential conditions," the Bangko Sentral said.

Similar measures were also extended by Bangko Sentral to banks affected by previous typhoons Sendong, Pedring, Mina and Juaning in 2011, as well as the southwest monsoon "Habagat" and typhoons Helen and Gener in 2012. — VS, GMA News

Tags: banks, regulatoryrelief, bangkosentral, typhoonpablo