Lapid files bill seeking moratorium on student loan payment during disasters, emergencies

A moratorium on payment of student loans must be implemented amid the COVID-19 pandemic, according to Senator Lito Lapid on Wednesday.

Lapid recently filed Senate Bill No. 1538, which seeks for deferment of payments for  loans among students of public and private Higher Education Institutions and Technical-Vocational Education and Training during times of disasters and emergencies.

"Hindi natin mapipigil ang pagdating ng kalamidad o disaster sa ating bansa at walang may gusto nito, pero ang tanging magagawa na lamang natin ay tulungan lalo na ang ating mahihirap na kababayan na hindi lamang makaahon kundi masiguro na ang kanilang mga anak ay tuloy ang pag-aaral at huwag muna nilang problemahin ang loans at utang sa kanilang eskwelahan," Lapid said in a statement.

The senator underscored that this proposed law would help Filipino families prioritize their basic needs during challenging times, without neglecting their children's education.

Under the bill, the moratorium shall take effect after the national or local government declares a state of calamity or emergency.

The deferment of student loans payment shall cover the period of such declaration up to 30 days from its termination.

If the state of calamity or emergency lasts more than 60 days, the obligation may be deferred until the end of the next academic semester or term.

Lapid's proposed measure has a retroactive application to cover higher education students who have been affected by the COVID-19 pandemic.

Last March, President Rodrigo Duterte signed a proclamation declaring a public health emergency over the increasing number of COVID-19 cases in the Philippines.

The entire country was also placed under a state of calamity to allow the government to tap more funds in addressing the health crisis.

As of June 9, the Philippines recorded a total of 22,992 COVID-19 cases with 4,736 recoveries and 1,017 deaths. — RSJ, GMA News