PSSLAI will not collect any accrued interests for the whole duration of the 60-day grace period for loan payments.
In an advisory posted on its website, it explains that based on RA 11494 or Bayanihan to Recover as One Act and BSP Memorandum Circular No. M-2020-068, lending institutions “may collect Accrued Interests for loans covered by the 60-day grace period. The Accrued Interests may be paid in whole or by installment while the loan is still active.”
However, in its bid to help out the member-borrowers in their financial obligations, PSSLAI clarified that it will not collect any Accrued Interests. In effect, the loan term will just be extended by 2 months.
BGen Lucas Mallillin Managuelod (Ret), the Chairman and CEO of PSSLAI issued the said advisory on September 24, 2020.
Does it mean PSSLAI will implement 60-day loan payment grace period?
It can inferred from the said advisory that the institution is ready to implement the 60-day grace period in October and November 2020.
Nevertheless, an a lending institution, PSSLAI is mandated by law to implement the said grace period. This advisory cleared the questions of when and what are the terms of its implementation.
Thank you PSSLAI for waiving the accrued interests! Mabuhay kayo!
The full content of the said advisory is shown below:
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