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    Notice: Corporate Governance and Finance Department

    Uploaded by

    JM Cruz
    This notice informs financing companies, lending companies, and microfinance NGOs that the mandatory grace period for loan payments will no longer apply during periods of General Community Quarantine (GCQ) or Modified GCQ (MGCQ) throughout the Philippines starting June 1, 2020. This action is consistent with a memorandum from the Bangko Sentral ng Pilipinas stating that the mandatory grace period under the Bayanihan Act only applies when there are still areas under Enhanced Community Quarantine (ECQ) or Modified ECQ (MECQ), and that it ceases once ECQ and MECQ are lifted nationwide. The notice also states that if any areas revert back to ECQ or MECQ

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    Notice: Corporate Governance and Finance Department

    Uploaded by

    JM Cruz
    15 views1 page
    This notice informs financing companies, lending companies, and microfinance NGOs that the mandatory grace period for loan payments will no longer apply during periods of General Community Quarantine (GCQ) or Modified GCQ (MGCQ) throughout the Philippines starting June 1, 2020. This action is consistent with a memorandum from the Bangko Sentral ng Pilipinas stating that the mandatory grace period under the Bayanihan Act only applies when there are still areas under Enhanced Community Quarantine (ECQ) or Modified ECQ (MECQ), and that it ceases once ECQ and MECQ are lifted nationwide. The notice also states that if any areas revert back to ECQ or MECQ

    Original Description:

    2020Notice-on-GRACE-PERIOD_GCQ-AND-MGCQ (1)

    Original Title

    2020Notice-on-GRACE-PERIOD_GCQ-AND-MGCQ (1)

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    This notice informs financing companies, lending companies, and microfinance NGOs that the mandatory grace period for loan payments will no longer apply during periods of General Community Quarantine (GCQ) or Modified GCQ (MGCQ) throughout the Philippines starting June 1, 2020. This action is consistent with a memorandum from the Bangko Sentral ng Pilipinas stating that the mandatory grace period under the Bayanihan Act only applies when there are still areas under Enhanced Community Quarantine (ECQ) or Modified ECQ (MECQ), and that it ceases once ECQ and MECQ are lifted nationwide. The notice also states that if any areas revert back to ECQ or MECQ

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    15 views1 page

    Notice: Corporate Governance and Finance Department

    Uploaded by

    JM Cruz
    This notice informs financing companies, lending companies, and microfinance NGOs that the mandatory grace period for loan payments will no longer apply during periods of General Community Quarantine (GCQ) or Modified GCQ (MGCQ) throughout the Philippines starting June 1, 2020. This action is consistent with a memorandum from the Bangko Sentral ng Pilipinas stating that the mandatory grace period under the Bayanihan Act only applies when there are still areas under Enhanced Community Quarantine (ECQ) or Modified ECQ (MECQ), and that it ceases once ECQ and MECQ are lifted nationwide. The notice also states that if any areas revert back to ECQ or MECQ

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    CORPORATE GOVERNANCE AND FINANCE DEPARTMENT

    NOTICE
    TO : FINANCING COMPANIES (FCs), LENDING COMPANIES (LCs)
    AND MICROFINANCE NGOS (MF-NGOs)
    SUBJECT : CESSATION OF THE PROVISION OF THE MANDATORY
    GRACE PERIOD DURING THE GENERAL COMMUNITY
    QUARANTINE (GCQ) AND MODIFIED GENERAL COMMUNITY
    QUARANTINE (MGCQ) PERIOD
    DATE : 01 JUNE 2020

    Please be advised that the mandatory grace period shall no longer be applied
    to loans falling due during the General Community Quarantine (GCQ) or Modified
    General Community Quarantine (MGCQ) throughout the Philippines beginning 01
    June 20201. This Notice is consistent with the Bangko Sentral ng Pilipinas (BSP)
    Memorandum No. M-2020-0422, which provides:

    xxx

    The mandatory grace period under the Bayanihan Act shall


    only apply if there are still areas in the country under ECQ or
    MECQ. The application of the mandatory grace period
    shall cease once the ECQ and MECQ are lifted in the
    entire country. (Emphasis supplied)

    Conversely, once an area in the Philippines is reverted to either ECQ or


    MECQ, the mandatory grace period shall resume application.

    For compliance.

    1
    Per IATF Resolution No. 41, Series of 2020, 29 May 2020.
    2
    18 May 2020.

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