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Wednesday, April 8, 2020

DBP offers payment holiday on salary loans

BUTUAN CITY, April 8 -- State-run Development Bank of the Philippines (DBP) is implementing a 60-day moratorium on the payment of amortizations under its EC Credit Salary Loan program to assist its borrowers in managing their expenses during the State of Public Health Emergency.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the payment holiday covers all salary loan amortizations with due dates covering March 15 to April 12, 2020.

“This moratorium on DBP’s EC Credit Salary Loan Program is the Bank’s firm response to the national government’s call to ease the burden of our countrymen during this period of the State of Public Health Emergency,” Herbosa said.

The EC Credit Salary Loan program is a credit program with government agencies including local government units for their respective employees. The program offers a maximum loanable amount of P1 million, with flexible payment terms of up to 48 months.

Under Republic Act No. 11469 or the Bayanihan to Heal As One Act, all banks, quasi-banks, financing and lending companies as well other financial institutions whether government or private are directed to implement a minimum 30-day grace period for the payment of all loans falling due within the Enhanced Community Quarantine period.

Herbosa said the moratorium would allow participating government agencies to defer amortization payments without incurring interest, penalties, fees and other charges.

He said the payment holiday will be automatically applied to all salary loan accounts while auto-debit arrangements will be put on hold and will resume after the moratorium period.

"For further details, agencies may coordinate with their respective servicing DBP branch," Herbosa added. (DBB/PIA-Caraga)

DA cash assistance reaches SurSur rice farmers

TANDAG CITY, Surigao del Sur, Apr. 8 (PIA) -- The Rice Farmers Financial Assistance (RFFA) Program of the Department of Agriculture (DA) continues to release cash assistance worth 975,000 to 195 rice farmers in Cagwait, Surigao del Sur.

Rice farmers who are tilling 0.5 hectares to two hectares of land and registered in the Registry System for Basic Sectors in Agriculture (RSBSA) are the priority of the program and will receive 5,000 cash aid. Farmers need not worry because the assistance is an unconditional cash transfer intended to help farmers affected by the implementation of the rice tarrification law.
It is a nationwide response of the national government to rice farmers particularly the marginal ones.

RFFA Program Regional Focal Person Hazel M. Colinares headed the releasing of the cash support in coordination with the local government unit of the municipality of Cagwait.

"For the province of Surigao del Sur, 426 rice farmers have received the cash aid. Amidst the threat of COVID-19 the Department will continue to reach more farmers for them to use the assistance for their daily subsistence," Colinares said.

In the region, a total of 1,405 have been served by the program with total cash released worth 7 Million. Another 18,375 eligible rice farmers for the provinces of Agusan del Norte, Agusan del Sur, Surigao del Norte, and Surigao del Sur will receive the financial assistance not later this month, Colinares added. (DA-Caraga, FOD-Technical Staff/PIA-SUrigao del Sur)