PDIC 30-day grace period expires; starts collection

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State-run Philippine Deposit Insurance Corp. (PDIC) resumed the collection of payments on July 1 from borrowers and property buyers who are based in areas under the general community quarantine as the 30-day grace period already expired.

In a statement on Thursday, the PDIC said the payment-relief measure, which took effect on March 15, covers corporate and closed bank accounts in current status with payment for loans, real property purchases and lease falling due during the imposition of enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ).

To provide assistance to borrowers and property buyers affected by the slowdown in economic activities during these quarantine measures, the PDIC granted a 30-day grace period for those based in areas under GCQ from June 1 to June 30. The PDIC said this was in line with the Resolution 38 issued on May 22 by the government group tasked to address the Covid-19 pandemic.

Its benefits include the following: suspension of payment while the ECQ and MECQ are in effect; 1-month grace period for payments due during the ECQ/MECQ period; and, waived penalty charges. There is no need to apply for the payment relief as it automatically covers corporate and closed banks’ accounts that are in current status.

Meanwhile, the PDIC clarified that borrowers and property buyers who are residing in areas that are still under ECQ or MECQ may continue to avail of the payment suspension as part of the payment relief measure. Post-dated checks issued by clients to cover payments for their obligations will be transacted one month after the lifting of the ECQ/MECQ.

The PDIC said this should have take effect in the National Capital Region last Wednesday, July 1. This is in consideration of the clients’ need to use their funds to cover their basic and other needs during the quarantine period.

The PDIC said that it will release a separate advisory for lessees in consideration of the revised guidelines on residential and commercial lease issued by the Department of Trade and Industry.

On Tuesday, President Duterte ordered the following areas to remain under GCQ until July 15: Metro Manila; Benguet; Cavite; Rizal; Leyte and Southern Leyte; Lapu-Lapu, Mandaue, Talisay, Minglanilla and Consolacion in Cebu; and, Ormoc, Leyte.

Cebu City will still be under ECQ until July 15 as the city records rising cases of Covid-19 patients.

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