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The Armed Forces and Police Savings and Loans Association, Inc. (AFPSLAI) will implement a 60-day moratorium for all loan payments of its member-borrowers.
According to an official statement released by the institution on September 21, 2020, “AFPSLAI is one with the government’s efforts to restore economic growth and help our countrymen to recover from the COVID-19 pandemic.”
It added that “in response to R.A. No. 11494 “Bayanihan to Recover as One Act (Bayanihan 2)”, signed by President Rodrigo R Duterte on 11 September 2020, AFPSLAI is granting a suspension of loan payment for the months of October and November 2020.”
No interest, penalties, fees and other charges
It also clarified that “there will be no application of interest on interest, penalties, fees and other charges during the mandatory one-time 60-day period. This will only result in an extension of your loan term for another two months.”
Finally, it assured its member-borrowers by saying that their “welfare remains our utmost priority. We do hope that this additional relief will help you move forward as we transition to the “new normal”.
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When will it be implemented?
The statement said that the 60-day loan payment moratorium will be implemented in October and November 2020.
Yet again, the AFPSLAI Management led the way by being the first to announce (among similar financial institutions catering to servicemen) their compliance to what the law is mandating. Kudos to AFPSLAI!
Do you think this is a good news for the uniformed services? Kindly share this to other uniformed personnel.
For inquiries, you may call the AFPSLAI Consumer Assistance Group at 0289118364 or send an e-mail to info@afpslai.com.ph
AFPSLAI is regulated by the Bangko Sentral ng Pilipinas consumeraffairs@bsp.gov.ph
