BSP allows 6-month loan payment delay, 1-year agri loan deferment

Filipino borrowers affected by the ongoing energy crisis have been given up to six months to delay loan payments without penalties following the the Bangko Sentral ng Pilipinas' (BSP) rollout of relief measures as the country remains in a national state of energy emergency.

The regulatory relief, provided for by Monetary Board Resolution 296 dated April 8, 2026, also allows agricultural loan payments to be deferred for up to one year, subject to bank assessment.

Loans to affected borrowers can also be temporarily excluded from past-due and non-performing loan classifications for up to one year, subject to the applicable notification and reporting requirements.

"BSFIs (BSP-supervised financial institutions) are expected to exercise prudent judgment in availing these measures and to ensure that relief is extended only to borrowers whose repayment capacity has been materially affected by the energy emergency," the BSP said in a statement.

"The BSP emphasizes that the application for regulatory relief must remain targeted, proportionate, and consistent with safe and sound banking practices," it added.

President Ferdinand "Bongbong" Marcos Jr. last month declared a state of national energy emergency and ordered the adoption of a Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT), to ensure energy supply stability, and support key sectors such as transport, agriculture, and micro, small, and medium enterprises (MSMEs).

"The BSP remains committed to promoting financial stability, financial consumer protection, and overall financial health amid the energy emergency," the central bank said.

Global oil prices have continued to be volatile amid the ongoing conflict in the Middle East, as US President Donald Trump over the weekend said the US Navy would immediately blockade the strait after talks with Tehran failed to reach a deal to end the war.

Prior to this, Trump agreed to a ceasefire with Iran, subject to Iran's agreement to pause its blockade of oil and gas supplies through the strait.

The ceasefire came less than two hours before the deadline for Iran to reopen the Strait of Hormuz on 8 p.m. last Tuesday US Eastern Time (8 a.m. Wednesday, Philippine time), or have its power plants and bridges targeted.

Locally, pump prices were rolled back on Tuesday, April 14, but these are not enough to offset 13 straight weeks of increases for gasoline, and 15 for both diesel and kerosene. — VDV, GMA News