Philippines - BSP Issues Rules on the Implementation of the One-Time 60-Day Grace Period on Loans


The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Memorandum No. M-2020-0741 (Implementing Rules and Regulations and Frequently Asked Questions on Section 4(uu) of the R.A. No. 11494 or the “Bayanihan to Recover as One Act” (Bayanihan 2)) to guide BSP-Supervised Financial Institutions (BSFIs) on the implementation of the one-time 60-day grace period granted to debtors under Bayanihan 2 for loan payments falling due by December 31, 2020. These rules became effective on October 1, 2020. The BSP has also previously issued Memorandum No. M-2020-0682 to remind BFSIs to implement and immediately comply with the prescribed grace period.

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