Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ)
The HDMF Circular No. 433 outlines guidelines for a mandatory 30-day grace period on loans affected by the Enhanced Community Quarantine (ECQ) due to COVID-19, as stipulated in the Bayanihan to Heal as One Act. This grace period applies to all loans with principal or interest due from March 17 to April 12, 2020, allowing borrowers to defer payments without incurring additional charges. Borrowers can receive a grace period for each loan they hold, and the period may extend if the ECQ is prolonged. The circular emphasizes that borrowers are still free to make payments during the ECQ if they choose. The guidelines will be managed by concerned officers, with unresolved issues escalated as necessary.
Quick Answers
- What is Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ) about?
- The HDMF Circular No. 433 outlines guidelines for a mandatory 30-day grace period on loans affected by the Enhanced Community Quarantine (ECQ) due to COVID-19, as stipulated in the Bayanihan to Heal as One Act. This grace period applies to all loans with principal or interest due from March 17 to April 12, 2020, allowing borrowers to defer payments without incurring additional charges. Borrowers can receive a grace period for each loan they hold, and the period may extend if the ECQ is prolonged. The circular emphasizes that borrowers are still free to make payments during the ECQ if they choose. The guidelines will be managed by concerned officers, with unresolved issues escalated as necessary.
- What type of law is HDMF Circular No. 433?
- Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ) (HDMF Circular No. 433) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ) enacted?
- Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ) (HDMF Circular No. 433) was enacted on Apr 6, 2020.
- What is the citation for Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ)?
- Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ), HDMF Circular No. 433, Apr 6, 2020 (Philippines)
Law Information
- Reference Number
- HDMF Circular No. 433
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Home Development Mutual Fund
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
April 6, 2020
HDMF CIRCULAR NO. 433
| TO | : | All Concerned |
| SUBJECT | : | Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ) |
Pursuant to Republic Act No. 11469, otherwise known as the "Bayanihan to Heal as One Act", and its Implementing Rules and Regulations, the following Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ) is hereby issued:
I. OBJECTIVES
1. These guidelines are issued to prescribe the general rules and procedures for the implementation of Section 4 (aa) of Republic Act No. 11469 and its Implementing Rules and Regulations. HTcADC
II. COVERAGE
1. This program shall apply to all loans with principal and/or interest that will fall due within the ECQ period from 17 March 2020 to 12 April 2020 cited on Proclamation No. 929 dated 16 March 2020. Loans shall mean loans extended by Pag-IBIG Fund to individuals and entities.
2. A borrower with multiple loans shall be granted a grace period for every loan, subject to terms and conditions provided in these guidelines.
III. TERMS AND CONDITIONS
1. All loans with principal and/or interest falling due within the ECQ period shall be entitled to avail of the 30-day grace period without incurring interest on interest, penalty, fee or other charges. The initial grace period shall be automatically extended if the ECQ period is extended by the President of the Republic of the Philippines pursuant to his emergency powers under the Bayanihan to Heal as One Act.
2. Amortization due subject of the grace period or its extension shall be paid on the first working day after the grace period, or its extension; provided, the borrower may opt to pay the accrued interest for said amortization at any time during the remaining term of the loan.
3. The grant of grace period shall not preclude the borrowers from paying their obligations as they fall due during the ECQ period should they so desire.
IV. MECHANISM ON RESOLUTION OF ISSUES
Any issue in the interpretation and implementation of this Guidelines shall, as much as possible, be resolved by the concerned officer. Matters that are not thereby satisfactorily resolved shall be escalated to the next higher approving authority.
V. AMENDMENTS
Amendments to these guidelines shall be approved by the Senior Management Committee pursuant to the authority bestowed on it by the Fund's Board of Trustees to formulate and issue guidelines and procedures in furtherance of the objectives of this program consistent with the mandate of the Fund under its charter and existing laws. CAIHTE
VI. EFFECTIVITY
This Circular takes effect immediately.
Makati City, April 6, 2020.
(SGD.) ACMAD RIZALDY P. MOTIChief Executive Officer
Cite This Law
Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ), HDMF Circular No. 433, Apr 6, 2020 (Philippines)
Guidelines on the Grant of Mandatory 30-Day Grace Period on All Loans Affected by the Enhanced Community Quarantine (ECQ), HDMF Circular No. 433 (Phil. 2020)
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