DTI: Gov't to implement 30-day grace period for payment of rental dues for residential units

A 30-day moratorium on rental payment for residential units will be implemented by the government amid the enhanced community quarantine due to the coronavirus disease 2019 (COVID-19).

“For residential properties lang po ito. Hindi ka muna magbabayad sa due date which falls within the quarantine period, pero magbabayad ka pa rin. Kasi nga maraming negosyo ngayon ay sarado, meron tayong mga kababayan na walang sweldo sa isang buwan, kaya bibigyan ng palugit,” Trade Secretary Ramon Lopez said in an interview on Dobol B sa News TV.

He said the month-long grace period is provided under a memorandum issued by Executive Secretary Salvador Medialdea in implementing the Bayanihan Law which gave the President expanded authority to realign national government budget to address the COVID-19 pandemic.

“Sa batas, dapat may 30-day grace period, at walang karagdagang penalty o interest,” Lopez added.

He said the DTI is crafting the implementing rules and regulations for this provision of the Bayanihan Law so that the monthly rental dues for residential properties affected by the moratorium will be paid on an installment basis.

“Iyong hindi nabayaran sa grace period, hindi mo iyon ikakarga sa susunod na buwan kasi magiging doble na and it will defeat the purpose of the moratorium,” Lopez said.

“We are drafting the implementing rules and regulation on how this suspension of payment will apply. Babalansehin natin kasi inaasahan rin ng mga may-ari iyong bayad sa renta. Kaya dapat spread out ang pagbabayad, i-amortize mo, hatiin mo between six to 10 months [ang payment period], unless matatapos na ang kontrata,” he added.

In addition, Lopez said the 30-day moratorium is also applicable on bank loans such as car loans and other consumer loans.

“Itong IRR nitong [30-day moratorium], in less than a week, may ruling na tayo [rito],” Lopez added.

The Philippines has recorded at least 1,418 COVID-19 cases, as of March 29. Of this number, 71 have died while 42 others recovered.

As of March 29, the Philippines has tested 3,113 individuals for COVID-19.—AOL, GMA News