The Bangko Sentral ng Pilipinas (BSP) released Memorandum No. M-2020-045 to clarify the situation in light of the reclassification of the National Capital Region (NCR) under General Community Quarantine (GCQ).
With the reclassification of NCR under GCQ, the 30-day mandatory grace period under the Bayanihan Act shall no longer be effective on June 1, 2020. Therefore, all loan payments with principal and interest falling due from June 1, 2020 onwards shall be due and demandable. The termination of the grace period is premised on the lifting of the restriction on the economic activities in majority of the provinces and cities. However, the 30-day mandatory period shall continue to apply to loan and/or interests payments falling due May 31, 2020.
Further clarification with regards to loan payments was also provided, borrowers shall only pay the amount of the loan principal and/or interest that is effectively due in June 2020, or for one month following the application of the 30-day grace period. The last payment due date of the loan is effectively extended by a period equivalent to the grace period granted for the duration of the ECQ.
For accrued interest in March, April and May 2020, the borrower may pay it in lumpsum in June 2020 or on a staggered basis over the remaining term of the loan.
No Documentary Stamp Tax (DST) shall be imposed on credit extension or restructuring.