Bangko Sentral ng Pilipinas has approved measures allowing banks to give borrowers more time to repay loans as part of efforts to cushion the impact of the ongoing energy crisis on households and businesses, Reuters reported Wednesday.
The package includes grace periods of up to six months, and as long as one year for agricultural loans, while allowing banks to temporarily avoid classifying restructured loans as non-performing, reportedly.
The central bank said banks should apply the measures carefully and only help borrowers whose ability to repay has been affected by higher fuel costs and economic disruption. It also urged banks to suspend certain digital transaction fees, the news agency said.
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