REGULATORY RELIEF measures have been granted to thrift, rural, and
cooperative banks in Luzon and the Visayas to enable them to similarly
assist and ease the financial burden of bank customers adversely
affected by tropical storm Pedring (international code name: Nesat)
which devastated several parts of the country in late September, the
Bangko Sentral ng Pilipinas (BSP) said on Friday.
Areas eligible for the relief measures were based on those identified by
the National Disaster Risk Reduction and Management Council on Oct. 10,
the central bank said in statement.
These are Metro Manila: Caloocan City, Malabon City, Manila City,
Marikina City, Muntinlupa City, Navotas City, Parañaque City, Pasay
City, Pasig City, Pateros, Quezon City and Valenzuela City; Cordillera
Administrative Region: Abra, Apayao, Benguet, Ifugao, Kalinga and Mt.
Province; Region 1: Ilocos Norte, Ilocos Sur, La Union and Pangasinan;
Region 2: Cagayan, Isabela, Nueva Vizcaya and Quirino; Region 3: Aurora,
Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac and Zambales; Region 4-A:
Batangas, Cavite, Laguna, Quezon and Rizal; Region4-B: Occidental
Mindoro, Oriental Mindoro and Romblon; Region 5: Albay, Camarines Norte,
Camarines Sur and Catanduanes; Region 6: Antique and Iloilo.
Similar relief measures were extended to thrift and rural/cooperative
banks in areas that were affected by landslide/flooding in December
2010, the BSP said, and previous typhoons such as Mina (Nanmadol),
Juaning (Nock-ten), Cosme (Halong), Frank (Fengshen), Ondoy (Ketsana),
Pepeng (Fengshen) and Juan (Megi).
The BSP said as approved on Oct. 21 by the Monetary Board, its
policy-making body, the temporary relief measures are:
• excluding existing loans of borrowers in affected areas from the
computation of past due ratios provided these are restructured or given
relief;
• reducing the 5% general loan loss provision to 1 percent for
restructured loans of borrowers in the affected areas;
• non-imposition of penalties on legal reserves deficiencies with head
office and/or branches in the affected areas;
• moratorium on monthly payments due to BSP for banks with ongoing
rehabilitation programs;
• subject to BSP approval, booking of allowance for probable losses on a
staggered basis over maximum of five years for all types of credit
extended to individual and businesses directly affected by the calamity;
• non-imposition of monetary penalties for delays in the submission of
supervisory reports;
• allowing banks to provide financial assistance to their officers and
employees who were affected by the calamity including those assistance
that may not be within the scope of the existing BSP-approved Fringe
Benefit Program;
• granting of a 60-day grace period to settle the outstanding
rediscounting obligations as of 24 September 2011 with the BSP of all
rediscounting banks in the affected areas; and
• allowing banks to restructure with the BSP, on a case-to-case basis,
the outstanding rediscounted loans of borrowers affected by the calamity.
"The measures will be in effect for a defined period and covered by
additional specific and other prudential conditions," the BSP said.
--
---------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation - http://www.seedfinance.net
Email: carlosani@seedfinance.net
Landline Phones: +63495010127 and +63495762924
Cellphone: +639152919580
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
CONSULTING - http://www.carlosani.com
My News Clippings - http://www.myclipps.posterous.com
Family website: http://www.anifamily.net
------------------------------------------
