BSP official: Finance charges must not apply in credit card payments during quarantine period

An official from the Bangko Sentral ng Pilipinas (BSP) on Tuesday clarified that the grace period for bank loans as well as credit card payments still applies as a modified enhanced community quarantine is still in effect in the National Capital Region and other provinces.

Interviewed on Dobol B sa News TV, BSP managing director Pia Tayag said loan payments should not add to the burden of the public in this time of mandatory community quarantine due to the coronavirus disease 2019 (COVID-19).

"'Yung batas talagang klaro siya na during the ECQ, dapat hindi isipin itong mga bayarin so ngayon pong nagdadatingan 'yung mga bills, kasi po nag-extend 'yung quarantine, kaya nadagdagan po 'yung period kung saan papatawan ng grace period," Tayag said.

"Baka po 'yung sistema kasi ng ibang bangko o credit card, nakapagpadala na ng bill so ang mahalaga pong alamin ng financial consumers na basta po 'yung period simula ng ECQ hanggang sa extension po ngayon ng MECQ, habang may enhanced community quarantine po, 'yung 30-day grace period apply sa lahat ng loan becoming due within that period so hindi po talaga kailangan isipin 'yun," she added.

Tayag also noted that finance charges for credit cards will not be applied for transactors or those who are able to pay full amount at due date. However, she said this will be charged for revolvers or those who pay below the total amount due.

"Dapat po wala 'yun kasi di siya considered as if hindi nabayaran dahil hindi nga po kailangang bayaran during this grace period," Tayag said.

"Kunwari ang due date niya is March 17, so nakatatlo na po 'yan, March 17, April 17, May 17 so ang babayaran niya po sa June 17 ay 'yung due lang po noong June, ibig sabihin hindi po 'yung four months ang babayaran niya kasi mabigat po 'yun sa June," she added.

According to Tayag, citizens must coordinate with their respective banks regarding the loan payments. She said some banks have issued an advisory saying that some charges applied to their bills will be reverted.

"Ang kailangan po makipagugnayan sila sa kanilang mga bangko, although mayroon naman pong mga bangko na nagsasabi na na charges will be revert," Tayag said.

She also said penalties and late payment fees must not be imposed.

Meanwhile, Tayag also urged the public to pay their loans and bills if they can manage to do so.

Earlier, the national government updated the grace period for the payment of loans and rents due to the community quarantine.

According to presidential spokesman Harry Roque, "all banks and financial institutions — including the Government Service Insurance System, Social Security System and Pag-IBIG Fund—were ordered to implement a minimum of 30-day grace period from due date or until such time that the community quarantine is lifted, whichever is longer, for the payment of all loans falling due within the quarantine period."

The implementation of the mandatory grace period started in April following the passage of the Bayanihan to Heal as One Act amid the health crisis. --KBK, GMA News