MANILA, Philippines - East West Banking Corp. has declared a payment holiday to its credit cardholders in calamity-stricken areas.
EastWest president and CEO Antonio C. Moncupa Jr. said the affected cardholders are given a 30-day extension from their latest payment due date to settle their credit card balances.
Moncupa said aside from the 30-day grace period, EastWest will also waive the late payment fees of affected cardholders.
“Interest charges, however, shall be applied on the outstanding balance,” he clarified.
“EastWest is one with the nation in helping those affected by floods pull through during these difficult times. By giving them an extension on their due dates, our cardholders can focus on rebuilding their homes and securing the basic necessities for their families such as food, water, medicine and clothes.”
This is not the first time the bank has given a reprieve to flood-hit clients, the first one being in September 2009, when typhoon Ondoy caused severe flooding that inundated several areas in and around the Metro Manila, devastating thousands of households and properties in its wake.
Established in August 1994, EastWest is a subsidiary of Filinvest Development Corp. (FDC), the publicly-listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun Sr. in 1955.
FDC is one of the country’s premier conglomerates, with business interests in real estate, banking, sugar, hospitality and tourism, and power-generation.