Lenders must give their borrowers a one-month extension to pay their obligations without additional charges under Republic Act 11469, or the “Bayanihan to Heal as One Act,” the Department of Finance (DoF) said on Wednesday.
“All covered institutions shall implement a 30-day grace period for all loans with principal and/or interest falling due within the ECQ (enhanced community quarantine) period without incurring interest on interest, penalties, fees and other charges,” said the law’s implementing rules and regulations (IRR) issued by the Finance department.
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