Adoption of Other Debt Relief Measures
SEC-CGFD Notice • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Jun 11, 2020
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June 11, 2020 CORPORATE GOVERNANCE AND FINANCE DEPARTMENT TO : Financing Companies (FCs), Lending Companies (LCs) and Microfinance NGOs (MF-NGOs) SUBJECT : Adoption of Other Debt Relief Measures NOTICE In view of the adverse impact of the COVID-19 pandemic to the finances of Filipinos, the Commission STRONGLY ENCOURAGES financing companies (FCs), lending companies (LCs), and microfinance NGOs (MF-NGOs) to adopt measures that will help ease their borrowers' financial burden, in addition to the mandatory grace period under Sec. 4 (aa) of Republic Act No. 11469 otherwise known as the Bayanihan to Heal as One Act and its Implementing Rules and Regulations. HTcADC FCs, LCs, and MF-NGOs MAY implement measures such as, but not limited to: a. lowering of interest rates; b. waiver or reduction of penalties, charges and other fees; c. payment holiday; d. debt consolidation; e. extending the term of the loans; and f. provision of flexible payment schedules. FCs, LCs and MF-NGOs may also develop and implement their own programs or schemes that will provide financial relief to their borrowers. Pasay City, June 11, 2020.
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