MANILA, Philippines — President Rodrigo Duterte on Monday urged banks to provide loan payment extension to small and medium-sized businesses adversely affected by the COVID-19 crisis.
“I also enjoin the Bangko Sentral ng Pilipinas and banks operating in the country to provide regulatory relief for our MSMEs (micro, small and medium enterprises), and allow loan payment extensions, without incurring penalties and charges,” Duterte said in his fifth State of the Nation Address (SONA) on Monday.
“We need your help to prevent the collapse of companies saddled with accumulated amortizations and payables caused by the closure of their businesses at the height of the strict quarantine periods,” he added.
In his penultimate SONA, Duterte also appealed to lessors to be fair and compassionate to their tenants, asking them to amenable payment arrangements.