BSP grants regulatory relief to Santi-hit banks
MANILA, Philippines - The Bangko Sentral ng Pilipinas has granted regulatory relief to banks in areas affected by typhoon "Santi."
In a statement, the BSP said the regulatory relief measures will enable banks to assist and ease financial difficulties of its customers affected by Santi. The typhoon hit parts of the country from October 11-13.
Eligible for relief measures are banks in Pangasinan, Isabela, Nueva Vizcaya, Quirino, Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac, Zambales, Laguna and Rizal.
Among the temporary relief measures for thrift, rural and cooperative banks are the exclusion of existing loans of borrowers in affected areas from the computation of past due ratios provided these are restructured; non-imposition of penalties or legal reserves deficiencies with head office or branches in affected areas; and moratorium on monthly payments due to BSP for banks with ongoing rehabilitation programs.
All banks are allowed to provide financial assistance to their officers and employees who were affected by the calamity.