The Public Safety Savings and Loan Association, Inc (PSSLAI) published a statement on its website regarding the 60-day grace period on loan payments as mandated by RA 11494 or the Bayanihan 2 law.
Acccording to the published statement, PSSLAI recognizes the signing of Bayanihan 2 law, but explained that it is still waiting the guidelines of Bangko Sentral ng Pilipinas (BSP) for the implementation of the 60-day grace period.
Saying that it understands the members welfare, PSSLAI assured that it will comply with what Bayanihan 2 law mandates.
However, in separate reports from Inquirer.net and Manila Bulletin, BSP Governor Benjamin Diokno said that he already signed on Sept. 18 the memorandum that puts into effect the provision of Bayanihan 2 that mandated a 60-day moratorium on all loan payments.
An advisory will be announced later by PSSLAI management for when and what terms will govern the 60-day grace period.
The Bayanihan 2 is officially known as RA 11494 or Bayanihan to Recover As One Act – AN ACT PROVIDING FOR COVID-19 RESPONSE AND RECOVERY INTERVENTIONS AND PROVIDING MECHANISMS TO ACCELERATE THE RECOVERY AND BOLSTER THE RESILIENCY OF THE PHILIPPINE ECONOMY, PROVIDING FUNDS THEREFOR, AND FOR OTHER PURPOSES.
The Section 4(uu) of the law mandates the grace period for loans, amortizations, premium, lease and credit card payments of all banks, quasi-banks, financing companies, lending companies, real estate developers, insurance companies providing life insurance policies, pre-need companies, entities providing in-house financing for goods and properties purchased, asset and liabilities management companies and other public and private financial institutions.
The PSSLAI is covered by the above provision.
Stay tuned for the next announcement!
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