Borrowers to avail 60-day loan moratorium under Bayanihan 2 A 60-day loan moratorium is part of the Senate and House of Representatives bi...
Borrowers to avail 60-day loan moratorium under Bayanihan 2
A 60-day loan moratorium is part of the Senate and House of Representatives bicameral committee-approved version of the Bayanihan 2 Recover As One bill.
The said moratorium in the bill covers all loans including insurance premiums, credit card, and other business loans, Senate Finance Committee chairman Sonny Angara told reporters.
Angara said the law takes effect immediately after Bayanihan 2 is enacted into law.
The Bayanihan 2 Recover as One, the second coronavirus response bill in the country, sets aside P140 billion and a standby appropriation of P25 billion if funds are available, said Angara.
The original House version of the Bayanihan 2 bill seeks the approval of a 365-day moratorium on loans.
Business groups argued it would further crash the economy that is already reeling from the effects of the pandemic.
