June 11, 2020
CORPORATE GOVERNANCE AND FINANCE DEPARTMENT
| TO | : | Financing Companies (FCs), Lending Companies (LCs) and Microfinance NGOs (MF-NGOs) |
| SUBJECT | : | Adoption of Other Debt Relief Measures |
NOTICE
In view of the adverse impact of the COVID-19 pandemic to the finances of Filipinos, the Commission STRONGLY ENCOURAGES financing companies (FCs), lending companies (LCs), and microfinance NGOs (MF-NGOs) to adopt measures that will help ease their borrowers' financial burden, in addition to the mandatory grace period under Sec. 4 (aa) of Republic Act No. 11469 otherwise known as the Bayanihan to Heal as One Act and its Implementing Rules and Regulations. HTcADC
FCs, LCs, and MF-NGOs MAY implement measures such as, but not limited to:
a. lowering of interest rates;
b. waiver or reduction of penalties, charges and other fees;
c. payment holiday;
d. debt consolidation;
e. extending the term of the loans; and
f. provision of flexible payment schedules.
FCs, LCs and MF-NGOs may also develop and implement their own programs or schemes that will provide financial relief to their borrowers.
Pasay City, June 11, 2020.
