March 24, 2020 – In light of the Enhanced Community Quarantine in the Philippines, the Securities and Exchange Commission (SEC) is strongly encouraging lending and financing companies to have measures in place that will help borrowers during this pandemic.
The SEC put forward debt relief measures that can be adopted by these companies, including:
- lowering of interest rates
- waiver or reduction of penalties, charges, and other fees
- loan term extension
- suspension of collection
- payment holiday
- debt consolidation
- other programs financing and lending companies may develop or implement to provide financial relief to borrowers
The SEC said these finance and lending companies have been the subject of numerous complaints from the public and because of that, the Commission’s Corporate Governance and Finance Department is communicating directly with to urge them to adopt debt relief measures.
“We call on financing and lending companies to adopt all possible measures that will help ease the burden of their borrowers amid this public health emergency, which has disrupted the everyday lives of Filipinos, including their livelihoods,” – SEC Chairperson Emilio B. Aquino
This article is published on BitPinas: PH SEC Encourages Debt Relief to Borrowers