Banks extend due dates of borrowers

MANILA, Philippines — Philippine banks are heeding the call of the Bangko Sentral ng Pilipinas (BSP) to waive the fees for digital transactions and extend the due dates of borrowers amid the month-long enhanced community quarantine adopted by Malacañang to prevent further spread of the coronavirus disease 2019 or COVID-19.

Security Bank Corp. said it has extended payment due dates for credit cards and loans for those with no past due balance as of March 16 by 30 days.

“All customers with a credit card, home loan, personal loan, auto loan, business loan, mortgage loan or business express loan will have their due date extended by 30 days,” the bank said in an advisory.

Security Bank said the loan payment of borrowers would not be doubled as the maturity would be extended and no late fees would be charged.

Likewise, Aboitiz-led Union Bank of the Philippines is also extending debt payments for qualified cardholders who are in good standing with due dates from March 17 to April 15.

“During these trying times, we’re giving qualified customers’ the ability to delay UnionBank credit card payments for 30 days from the original due date with no late fee,” UnionBank said.

The listed bank also announced it is offering free online money transfer transactions via InstaPay until April 14.

East West Banking Corp. also informed its clients that the bank is extending a 30-day payment extension for eligible customers.

“In light of the evolving COVID-19 situation and because we value your health and safety, we wish to announce that payment due dates for auto, personal, mortgage, and EEL loans, and credit cards shall be extended by 30 days,” it said.

Yuchengco-led Rizal Commercial Banking Corp. and RCBC Bankard also implemented a payment holiday, allowing clients to skip their due dates and make a payment after 30 days.

“Auto, home, personal, and salary loan clients in good standing with due dates from March 15 to April 15 can delay payments by 30 days from original due dates,” RCBC said in an advisory.

Ayala-led Bank of the Philippine Islands (BPI) also extended a 30-day grace period for qualified credit card, personal, home, auto, and SME loan clients to help ease the burden this trying times.

On the other hand, the members of the Chamber of Thrift Banks are prepared to introduce measures to relieve the pressure on small and medium-sized businesses and individuals, upon their clients’ request.

“We are encouraging our member banks’ customers to contact their bank if they are concerned about their finances so their bank can help find the most appropriate solution for their individual circumstances,” CTB executive director Suzanne Felix said.