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  • Writer's pictureCastillo&Bello

Section 4(uu) of Republic Act No. 11494

#SEC reminds financing companies, lending companies, and micro-financing NGOs that they are required to implement a one-time 60-day grace period for all loans that are existing, current and outstanding, falling due or any part thereof on or before 31 December 2020, pursuant to Section 4(uu) of Republic Act No. 11494, otherwise known as the #Bayanihan To Recover As One Act.

The mandatory one-time 60-day grace period shall apply to each loan, whether the borrower has a single loan or multiple loans with the subject FC, LC, or MF-NGO. FCs, LCs, and MF-NGOs shall not charge or apply interest on interest, penalties, fees, or other charges during the mandatory one-time 60-day grace period to future payments or amortizations of the borrowers

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