PH banks bid loan grace periods during COVID-19 lockdown

Last updated on May 13th, 2021 at 05:50 am

Top Philippine banks gave consumer and small and medium-sized enterprise (SME) loan customers a grace period, giving them leeway during Luzon’s month-long coronavirus (COVID-19) pandemic lockdown.

BDO Unibank, the country’s largest lender, gave the longest 60 day grace period, covering credit card, auto, home, SME and personal loan customers with due dates up to April 15, 2020.

Bank of the Philippine Islands (BPI), Metropolitan Bank and Trust Co., Philippine Savings Bank, Protection Bank, East West Bank, Rizal Commercial Banking Corp., China Bank and United Coconut Planters Bank are among those that offered up to 30 days of lending extension for all eligible consumer loans.

Philippine National Bank has announced a 30-day credit card payment extension with due dates from March 18 to April 15.

Security Bank said credit cards, home loans, personal loans, auto loans, business mortgage loans, and business express loans with no past due balance as of March 16 will cover the loan payment relief. Those will have 30 payments due between March 16 and April 14.

The bank added that the health, safety and wellbeing of its employees and customers was its priority.

For its part, BPI provided the same 30-day payment extension to self-employed micro-entrepreneurs “to help ease the pressure during these difficult times.

Metrobank said it extended customer assistance because they agree that health and safety should now be the subject of everyone’s attention.