Private Lending Institutions (PLIs) to grant 60-day moratorium instead of grace period under Bayanihan Act 2

In the recent updates made by DepEd Undersecretary for Finance, Annalyn M. Sevilla, she mentioned about the consultations and negotiations they made with the GFIs and PLIs requesting to not just grant grace period but rather a loan moratorium to their borrowers.

Here is the portion where Usec. Sevilla explained this matter.

"We consulted, wrote officially and urged our GFIs and PLIs to not just grant 60-day grace period but to also GRANT LOAN MORATORIUM which means that loan term will be EXTENDED to 2 more months with NO EFFECT to the principal and interest loan amortisation as scheduled.

From the negotiations that DepEd made, GSIS and about 87 GFIs and PLIs granted the request of DepEd to choose loan moratorium and not just grace period. DepEd Provident Fund will not add any fees or charges, it will just add 2 more months in the loan term structure.

The list of the GFIs and PLIs who gave favourable consideration to the request of Sec Liling Briones will be attached in the official memo for the purpose. Pls read the list carefully because if the GFI or PLI is not in the list, that means that borrower should pay back the loan payment refunded to them on or before December 31, 2020 so that no additional charges will be applied to their loan structure."

Source: DepEd Usec. Annalyn M. Sevilla