RR No. 8-2020: Implements Section 4 (aa) of RA No. 11469 (Bayanihan to Heal as One Act)

Key points

1. Thirty-day grace period. Banks, quasi-banks, financing and lending companies and other financial institutions, public and private, including GSIS, SSS and Pag-IBIG Fund, give a minimum thirty (30)-day grace period. It covers all loans, including salary, personal, housing and motor vehicle loans, and credit card payments, due within the ECQ period, with no interest, penalties, fees or other charges.
2. Multiple loans. Persons with several loans get the minimum thirty (30)-day grace period for each loan.
3. Scope. The regulations cover all extensions of payment and maturity periods of these loans falling due within the ECQ Period, including maturity extensions from grace periods. They also cover credit restructuring and micro-lending, including loans from pawnshops, and their extensions.
4. No additional DST. No additional Documentary Stamp Tax, including under Sections 179, 195 and 198 of the National Internal Revenue Code, applies to credit extensions, credit restructuring and micro-lending, including pawnshop loans and their extensions, during the ECQ Period.

Who is affected

• Borrowers with loans or credit card payments due within the ECQ period
• Banks, quasi-banks, financing and lending companies, GSIS, SSS and Pag-IBIG Fund

Deadlines and effectivity

• Loans due within the ECQ Period: minimum thirty (30)-day grace period