Lenders told to offer wider relief

The Bangko Sentral ng Pilipinas (BSP) is expanding relief measures for banks and borrowers affected by disasters, including a six-month recovery period without penalties and eased loan classification rules.

- By DERCO ROSAL

Taking effect two weeks after publication, the BSP’s latest circular amends the regulatory relief policy to support banks in their recovery from calamities and enable them to provide “prompt and direct relief to affected borrowers and other stakeholders.”

According to the BSP, this rule recognizes the country’s exposure to various hazards that may cause certain areas to be placed under a state of calamity.