Under the Bayanihan to Heal As One Act, Bangko Sentral ng Pilipinas (BSP) Managing Director, Pia Roman-Tayag, said that collecting late fees, finance charges, and interests are not allowed during the lockdown period. However, banks are still allowed to collect interest charges on people who pay only the minimum amount required. But according to another BSP official, this interest will be paid on a staggered basis to make it a bit more manageable. The 30-day grace period applies to consumer loans, automotive loans, housing loans, and commercial loans, as well as all businesses that provide loans which include but not limited to real estate companies with in-house financing.
Luzon is placed under enhanced community quarantine from March 17 to April 12. As a credit cardholder, my account was granted a 60-Day Payment Extension without incurring any charges. With that in mind, the extension period may vary per bank.
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