To continue helping clients cope with the impact of the Covid-19 pandemic, the Land Bank of the Philippines (Landbank) is granting a two-month grace period on loan and credit card payments.
Landbank is providing a one-time 60-day moratorium for all existing, current, and outstanding loans falling due from Sept. 15 to Dec. 31, 2020, without incurring interest on interests, penalties, fees, or other charges, in support of the implementation of Republic Act 11494 or the Bayanihan to Recover as One (BARO) Act.
Credit card transactions made, including fees or charges incurred, prior to Sept. 15 shall also be covered by the moratorium. For credit card payments, any unpaid balance from transactions and fees or charges will not incur interest or finance charges during the mandatory grace period. However, after the end of the applicable grace period, the unpaid balance shall incur interest or finance charges if not paid in full on the new due date.
“Landbank understands how providing loan relief can significantly support our clients during these difficult times. We look to ease their financial concerns as we continue navigating the challenges of this pandemic,” said Landbank President and Chief Executive Officer Cecilia C. Borromeo.
Landbank will apply the 60-day grace period automatically, without the need for borrowers and credit card holders to apply or request for the relief measure.
However, Landbank credit cardholders with automatic debit arrangements for payments must inform the bank that they would like to avail of the relief.
The grace period shall commence from the payment due date of loans, with principal and/or interest, including amortizations, falling due from Sept. 15 to Dec. 31, 2020.
Credit card transactions made on and after Sept. 15 are no longer covered by the BARO Act and shall continue to incur interest or finance charges if not fully paid on or before its original due date.
Landbank previously granted a similar grace period for loan payments falling due from March 18 to June 30, 2020, in support of RA 11469 or the Bayanihan to Heal as One Act. Loan accounts that benefitted from this grace period will also benefit from the BARO Act if it remains an existing, current, and outstanding loan as of Sept. 15, 2020.
Fund transfer fees are still waived for InstaPay and PESONet transactions until Dec. 31, 2020.
For more information on Landbank’s 60-day grace period for loan and credit card payments, visit the Landbank website at www.landbank.com/faqs. – Press release