Republic Act No. 11469 or the Bayanihan to Heal as One Act

March 26, 2020 CORPORATE GOVERNANCE AND FINANCE DEPARTMENT TO : Financing Companies (FCs) and Lending Companies (LCs) SUBJECT : RepublicAct No. 11469 or the Bayanihan to Heal as One A c t NOTICE Notice is hereby given to all financing companies (FCs) and lending companies (LCs) of the relevant provisions of Republic Act No. 11469, or the Bayanihan to Heal As One Act, thus: SEC. 4. Authorized Powers. Pursuant to Article VI, Section 23 (2) of the Constitution, the President is hereby authorized to exercise powers that are necessary and proper to carry out the declared national policy. The President shall have the power to adopt the following temporary emergency measures to respond to crisis brought by the pandemic: xxx xxx xxx (aa) Direct all banks, quasi-banks, financing companies, lending companies , and other financial institutions, public and private, including the Government Service Insurance System, Social Security System and Pag-IBIG Fund, to implement a minimum of a thirty (30)-day grace period for the payment of all loans , including but not limited to salary, personal, housing, and motor vehicle loans, as well as credit card payments, falling due within the period of the Enhanced Community Quarantine without incurring interests, penalties, fees, or other charges. Persons with multiple loans shall likewise be given the minimum thirty (30)-day period for every loan; xxx xxx xxx SEC. 6. Penalties. In addition to acts or omissions already penalized by existing laws, the following offenses shall be punishable with imprisonment of two (2) months or a fine of not less than Ten thousand pesos (P10,000.00) but not more than One million pesos (P1,000,000.00), or both, such imprisonment and fine , at the discretion of the court: xxx xxx xxx (e) Refusal to provide thirty (30)-day grace periods provided under Section 4 . (Emphasis ours) For your information. Pasay City, March 26, 2020.