MANILA, (PNA) — The Bangko Sentral ng Pilipinas (BSP) granted temporary regulatory relief to banks in Zamboanga City as well as their clients who may have credit obligations falling due between Sept 9 and Nov 8, 2013.
BSP Memorandum 2013-042 provides for the exclusion of loans of borrowers from affected areas, which fall past due between Sept 9 and Nov 8 2013, from the computation of the past due loan ratio.
The banks, however, are required to maintain appropriate records on said loan transactions.
Aside from this, banks with physical presence in the city will not be imposed penalties for delayed submission of reports that fall due during the same period.
Bank borrowers from affected areas will benefit from the measure because said banks shall pass the regulatory relief to their clients.
The measure recognizes the situation in Zamboanga City and the physical risks upon bank clients and employees related to the payment and servicing of credit obligations.