No 'double interests' for loans with postponed payments under Bayanihan 2 —Diokno

Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno on Sunday reminded the public that they cannot be charged with "double interests" if they postpone the payment of their loans under the one-time 60-day grace period provision of the Bayanihan to Recover As One Act.

"Babayaran mo pa rin 'yung interest, pero walang interest on interest. Kunwari na-delay ka ng bayad, tapos lalagyan ka ng interest, bawal 'yun. Hindi puwedeng magkaroon ng interest on interest. Pinostpone mo lang ng two months," Diokno said in a Dobol B sa News TV interview.

"Hindi naman pwedeng libre na 'yung interest. Nangutang ka e, so babayaran mo 'yun. Pero kung mabigat 'yun, puwede kayong mag-usap ng bangko na medyo mas mahabang period ng pagbabayad. Pero sa pag-uusap na 'yun ng nakakuha at ng bangko," he added.

Under the Bayanihan to Recover As One Act, a one-time 60-day grace period is given for the payment of loans on banks and non-banks without quasi-banking functions, non-stock savings and loan associations, among others.

These include, but not limited to, GSIS and SSS loans, housing loans, car loans, salary loans, credit card payments, and loans from pawnshops.

The BSP earlier ordered all banks and financial institutions to comply with the provision granting a 60-day grace period on the payment of loans under the Bayanihan 2 Law, which took effect on September 15.

"Ibig sabihin nito kung mayroon kang pagbabayaran effective September 15, pagbibigyan ka ng palugit na dalawang buwan. So 'yung September mo, sa November mo puwedeng bayaran," Diokno said.

The said provision requires all covered institutions to implement a mandatory one-time 60-day grace period to all loans that are existing, current and outstanding falling due, or any part thereof, on or before December 31, 2020. —Erwin Colcol/KG, GMA News