5/29/2023 0 Comments Meaning bank memoranda![]() Banks et al will not charge or apply foregone interest on interests, penalties, fees and other charges during this period. Not all BSFIs such as banks have informed their clients of the grace period and how it will be implemented, nor were clients informed that they may choose not to pay due amounts that fall on September 15 which is the effectivity date of the BARO Act or Bayanihan 2, to November 15 for example, to complete the 60-day grace period. The new memo which covered banks, quasi-banks, credit card issuers, non-stock savings and loan institutions, trust departments of banks and trust corporations, and pawnshops, contained the implementing rules and regulations for the mandatory non-extendible 60-day grace period for loans that are existing, current and outstanding loans. Banks and non-banks are also directed to send their clients notices that should “clearly communicate details of the BSFIs implementation of the grace period,” said Diokno in the memo. ![]() M-2020-074 on September 28, said all its supervised financial institutions (BSFIs) are required to post the additional rules and clarifications on their websites. Diokno ( Bloomberg file photo)īSP Governor Benjamin E. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. The Bangko Sentral ng Pilipinas (BSP) has issued another memo for banks and other lending institutions’ additional guidance and to clarify sections under the “Bayanihan To Recover As One” Act (BARO Act) on interbank loans and bank borrowings. ![]()
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