ENP Newswire -
Release date- 11022014 - BSP Grants Regulatory Relief to Banks Affected by Tropical Depression 'Agaton.'
The Bangko Sentral ng Pilipinas is granting regulatory and rediscounting relief measures to banks with head offices and/or branches located in areas devastated by Tropical Depression 'Agaton' based on Situational Report No. 29 of the
Bukidnon, Camiguin, Lanao del Norte, Misamis Occidental, Misamis Oriental
Cotabato (North Cotabato)
Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte, Surigao del Sur
Similar relief measures were extended by the BSP to thrift and rural/cooperative banks in cities/provinces that were affected by natural calamities such as Typhoons Labuyo,
As approved on
For Thrift Banks (TBs)/Rural Banks (RBs)/Cooperative Banks (Coop Banks)
Exclusion of existing loans of borrowers in affected areas from the computation of past due ratios provided these are restructured or given relief;
Reduction of the 5 percent general loan loss provision to 1 percent for restructured loans of borrowers in the affected areas;
Non-imposition of penalties on legal reserve deficiencies of TBs/RBs/Coop Banks with head offices 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 a maximum of five (5) years for all types of credit extended to individuals and businesses directly affected by the calamity; and
Non-imposition of monetary penalties for delays in the submission of supervisory reports.
For All Banks
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.
For All Rediscounting Banks
Grant of a 60-day grace period to settle the outstanding rediscounting obligations as of
Allowing banks to restructure with the BSP, on a case-to-case basis, the outstanding rediscounted loans of borrowers affected by the calamity.
These measures will be in effect for a defined period and covered by additional specific and other prudential conditions.
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