1. SEC 4 (uu) of RA 11494 entitled “An Act Offering for COVID-19 Action and Healing Interventions and Supplying Systems to Speed Up the Healing and Strengthen the Resiliency of the Philippine Economy, Offering Funds Therefor, and For Other Functions,” mentions that:
” Directing all hanks, quasi-banks, funding business, providing business, property designers, insurer supplying life insurance coverage policies, pre-need business entities branding internal funding for products and residential or commercial properties bought possession and liabilities management business and other banks, public and personal, consisting of the Federal government Service Insurance Coverage System (GSIS), the sss and House Advancement Mutual Fund (Pag-IBIG Fund), to execute a one-time sixty (60)- day grace duration to be given for the payment of all existing present and impressive loans falling duc or any part thereof on or prior to December 31, 2020, consisting of, however not restricted to, wage individual, real estate, industrial, and automobile loans, amortisation, monetary lease payments and superior payments, along with charge card payments without sustaining interest on interest. charges, charges or other charges and thus going to the maturity of the stated loans: Supplied, That all loans might be picked staggered basis without interest on interests, charges and other charges till December 31, 2020 or as might be concurred upon by the celebrations. Supplied. even more, That absolutely nothing will stop the celebrations from equally concurring for a grace duration longer than 60 days: Prended moreover, Tat the bunks and other non-hunk banks (NBFIS) that consent to more loan term extensions or reorganizing pursuant to this subsection will be entitled to regulative relief, as might be identified in the BSP, which might consist of, however is not restricted to,
) staggered reservation of allowances for credit losses, (i) exemption from loan-loss provisioning. (ii) exemption from the limitations on property loans, when appropriate (in) exemption from associated celebration deal limitations, and (o) non-inclusion in the banks or NBFC reporting on non- carrying out loans: Supplied, lastly, Out the loan term extensions or reorganizing pursuant to dns subsection will be exempt from documentary stamp taxes.