BSP grants regulatory relief to Gener-hit banks

The Bangko Sentral ng Pilipinas will grant regulatory relief to banks in areas devastated by Typhoon Gener, which struck the country in late July to early August. According to the BSP, the move will provide the banks’ clients some relief by allowing them to get easier payment terms on their loans. One example of regulatory relief for thrift, rural, and cooperative banks is the temporary exclusion of loans of borrowers from affected areas from the computation of past due ratios of the banks. Another is a moratorium on the monthly payment collection for obligations to the BSP for banks that are undergoing rehabilitation from typhoon damage. The BSP is also allowing banks in Gener-affected areas to extend financial assistance to concerned officers and employees, even if the assistance is outside the officially approved benefits for bank employees stated under the BSP-approved Fringe Benefit Program. The areas covered by the regulatory relief are the cities of Makati, Malabon, Manila, Marikina, Muntinlupa, Navotas, Parañaque, Quezon, Taguig, and Valenzuela in the National Capital Region; The provinces of Abra, Apayao, Benguet, Ifugao, Kalinga, Mountain Province, Ilocos Norte, Ilocos Sur, La Union, Pangasinan, Cagayan, Bataan, Bulacan, Nueva Ecija, Tarlac, Zambales, Batangas, Laguna, and Rizal in Luzon; Mindoro Oriental, Mindoro Occidental, Masbate, Sorsogon, Aklan, Antique, Iloilo, Negros Occidental, Cebu in Visayas; and Zamboanga del Norte, Lanao del Norte, Misamis Oriental, Davao del Sur, and North Cotabato in Mindanao. — BM, GMA News