PDIC extends relief measure for corporate and closed banks’ clients
TUGUEGARAO CITY, Cagayan, April 3 (PIA)–The Philippine Deposit Insurance Corporation (PDIC) announced the grant of payment relief for corporate and closed banks’ clients, with payments for loans, real property purchases and lease falling due during the community quarantine period.
The payment relief supports the Government’s efforts to implement measures and programs providing assistance to individuals and parties adversely affected by the slowdown in economic activities during the enhanced community quarantine period. It shall commence on March 15, 2020 and shall be effective for the entire duration of the quarantine period as determined by the President.
Borrowers who have scheduled payments, including downpayments, are not obligated to settle their accounts during this period. Borrowers who have loans with monthly amortizations, are given a one month extension in the term of their loan.
They can thus, settle their payments due, without penalty charges, one month from the lifting of the quarantine period. All subsequent amortization schedules will also be adjusted by one month.
Borrowers who have loans under quarterly, semestral and annual amortizations or lump-sum payments, have a one month grace period, reckoned from the lifting of the community quarantine, to settle their accounts without penalty charges.
Real property buyers, with payments, including downpayments, due during the quarantine period are likewise not required to pay the amounts due during said period.
Those who pay monthly installments are given one month extension in the term of their obligation and may thus, settle payments due without penalty charges, within one month from lifting of the community quarantine period.
Subsequent installment schedules shall also be adjusted by one month. Those with quarterly, semestral, and annual amortizations, or lump-sum payments, are given one month grace period reckoned from lifting of the community quarantine period, to settle their payments due without penalty charges.
Meanwhile, lessees of PDIC and closed bank properties whose lease payments fall due during the quarantine period are given a grace period of one month from lifting of community quarantine to pay without penalty charges.
However, they may opt to pay such amount due within the remaining term of the lease contract, divided pro-rata, without penalty charges.
The PDIC said that around 400 of its clients have issued post-dated checks to cover payments for loans, property acquisitions and lease. Knowing fully well that cash intended to fund these checks will be used by clients to cover for their basic and other needs at this time, the PDIC said that these checks will not be transacted consistent with the terms of the payment relief.
These will be deposited one month after the lifting of the quarantine period. For more information, clients may send an e-mail to the PDIC Public Assistance Department at email@example.com or send a private message to PDIC’s official Facebook account, www.facebook.com/OfficialPDIC. (ALM/PIA-2/PDIC Press Release)