The Philippine Government has enacted measures to help alleviate the effects of the enhanced quarantine period.
Among these is the Bayanihan to Heal as One Act (RA 11469), which provides among others:
1. a 30-day grace period for all loans
2. a 30-day grace period for residential rentals
The BSP and SEC have each issued circulars implementing the grace period for all loans. To be clear, interest will still accrue during the grace period; however, no penalty can be imposed on borrowers for the delayed payment during this period. Likewise, the accrued interest shall be amortized over the remaining term of the loan.
On April 4, 2020, DTI issued MC No. 20-12, which sets out the guidelines on the grace period for residential leases AND commercial leases for micro-, small-, and medium-scale enterprises.
MSMEs are advised to read the DTI circular in order to know their rights under the said issuance.