Consumer complaints vs banks rising — BSP

Published by rudy Date posted on May 22, 2020

by Lawrence Agcaoili (The Philippine Star), 22 May 2020

MANILA, Philippines — Consumer complaints about failure to avail of banking services, accrued interest as well as questions on suspension of loan payments, rose during the Luzon-wide enhanced community quarantine, according to the Bangko Sentral ng Pilipinas.

BSP Governor Benjamin Diokno said the BSP’s Consumer Assistance Mechanism (CAM) received 21,913 complaints through electronic mails from March to May.

Diokno said three percent or 1,182 of the total complaints involved pandemic-related scenario such as the suspension of loan payments, suspension of payment of accrued interest and other consumer concerns involving waiver of unfunded check fees, among others.

“We expect BSP-supervised financial institutions to provide and communicate the least burdensome payment options to their clients,” Diokno said.

He said banks should help borrowers particularly micro, small and medium enterprises (MSMEs) cope with the unprecedented health crisis.

“They must consider this as their patriotic duty to help the public, especially the MSMEs, during this challenging time,” he said.

In a virtual press briefing, Diokno reiterated that a new law prohibits lending institutions from charging interests on loans, fees and charges including late payment fees on all loan payments falling due within the lockdown.

Diokno said the relief measures cover all loans including salary, personal, housing and motor vehicle loans, credit card payments, as well as loans covered by post-dated checks, auto-debit or auto-deduct arrangements extended by all BSP supervised financial institutions irrespective of place of operation.

With the implementation of modified enhanced community quarantine in certain regions, he said lending institutions are told to implement a 30-day grace period for all loan payments with principal and interest falling due within the lockdown.

An additional 30-day grace period for loan accounts that qualified for an initial 30-day grace period with new due date falling within the modified quarantine without incurring interest on loans, penalties, fees and other charges is also necessary.

Citing the implementing rules and regulations of the law, the BSP clarified that interest accrued during the mandatory grace period under the lockdown would still be collected.

Said interest, however, may be paid in lump sum on the new due date or on a staggered basis over the remaining term of the loan.

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.