What happens to your loan amortization and/or interest payments to banks, pawnshops, lending companies, credit card companies, etc. under the Bayanihan to Heal As One Act?

Under the Bayanihan to Heal as One Act, the President is authorized and is given temporary emergency powers to direct all financial institutions to provide a minimum of 30 day grace period for the payment of all loans, credit card payments, interest payment etc. during the ECQ period.

1. Covered Institutions

1 All Lenders

   1.1  Banks

   1.2  Quasi Banks

   1.3  Non Stock Savings and Loan Associations

   1.4  Credit Card Issuers

   1.5  Pawnshops

   1.6  Others -  other credit granting financial institutions under supervision of BSP and SEC, public and private, including the Government Service Insurance System (GSIS), Social Security System and Pag-ibig Fund.

2. ECQ Period - March 17, 2020 to April 12, 2020

3. Due Date - maturity date of the principal and/or interest, including amortizations falling within ECQ period.

If your monthly amortization or credit card due or pag-ibig housing loan monthly amortization or interest due to pawnshops, etc. fall within the ECQ period which is from March 17, to April 12, 2020, you are automatically given a 30 days grace period to settle said obligation.

This is not a waiver but a simple extension of the due date for 30 days without additional interest or penalty.