There will be a 60-day grace period for the payment of loans in the country once the proposed Bayanihan to Recover as One Act or Bayanihan 2 becomes a law, Senator Sonny Angara said on Thursday.
In a virtual interview, the chairperson of the Senate committee on finance said this is applicable regardless of community quarantine status.
"Dati kasi may conditions pa na kailangan under quarantine or under ECQ, wala na 'yun, 60-day grace period talaga. Let's say due siya tomorrow, may 60 days ka na palugit," Angara said.
"All loans kasama credit cards, kasama payment for insurance premiums, etc., puwedeng utang ng negosyo, business, investments, consumer credit loans," he added.
Angara said the Bangko Sentral ng Pilipinas, expressing concern for the financial stability of small banks, initially pitched to have only 30 to 45 days of grace period but in the end, the stakeholders agreed to have it for 60 days.
"Na-realize nila kahit di namin i-impose 'yan, 'yun din ang mangyayari. People will be asking for restructuring of loans, more grace period," Angara said.
On the other hand, payments of residential rents and utility bills falling due within the period of ECQ or Modified ECQ shall also be covered by a 30-day grace period.
The Bayanihan 2 bill comes with a P165 billion budget. It is an "emergency measure" aimed at resuscitating the economy through interventions for various affected sectors.
The bicam wrapped up its deliberation on the bill and it is expected to be ratified by the Senate within the day.
Once signed by President Rodrigo Duterte into law, Bayanihan 2 will be effective until December 19, 2020.—AOL, GMA News