DepEd releases Guidelines on Loan Payment Refund and Moratorium
The Department of Education (DepEd) has issued Advisory on the Implementation of Implementing Rules and Regulations (IRR) 4 (AA) of the Republic Act (RA) No. 11469, otherwise known as the "Bayanihan To Heal As One Act" particulary on loan payment refund for April payroll and moratorium of loan payments for some GFIs, PLIs, and Deped Provident Fund for May and June payroll.
The Department of Finance (DOF) has issued on April 1, 2020 the implementing rules and regulations (IRR) of RA 11469, othewise known as the "Bayanihan to Heal as one Act" which directs all lenders ro grant a 30-day grace period or extension for the payment of all loans, falling due witinn the enhanced community quarantine (ECQ) period, withour imposing interest onr any additional charges and fees on the borrowers. The IRR took effect on April 2, 2020, following its publication in newspapers.
In line with this order, several financial institutions have granted moratorium or extension on the payment of loans.
Details of which can be found below:
Bangko Sentral ng Pilipinas - Supervised Financial Institutions (BSFIs)
Relief granted includes 30 days grace period in the payment of loans and extended loan period for 30 days. Such that new due date is extended for one (10 month. (i.e. plus one monthly amortization) based on BSP Memorandum No. M-2020-018 dated April 6, 2020.
Government Service Insurance System (GSIS)
Relief granted includes 3-months moratorium (i.e. march, April, May) without interest and corresponding extension ofloan payment to three (3) months through Memorandum Circular No. 15, s. 2020 (annex B). New due dates shall be extended for three (3) months.
DepEd Provident Fund (PF)
Relief granted includes 3-months moratorium on payment of PF loans from april to June, extending the payment for an additional three (3) months, such that new dates shall be extended for three (3) months, without accruing additional interests and penalties.
Land bank of the Philippines
Relief granted includes 60-days extension period payment option that allows Salary Loan borrowers to defer the covered amortization period of March 15 to April 30, without penalty charges.
For complete information and details please refer to attach issuance below:
Relief granted includes 60-days extension period payment option that allows Salary Loan borrowers to defer the covered amortization period of March 15 to April 30, without penalty charges.
For complete information and details please refer to attach issuance below:
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