Senator Mark Villar filed Senate Resolution No. 366 urging government financial institutions to implement loan moratoriums, grace periods, and penalty condonation to help Filipinos cope with rising fuel prices and living costs amid the ongoing energy crisis.
The proposal covers service agencies and financial institutions such as the Social Security System (SSS), Pag-IBIG Fund, National Home Mortgage Finance Corporation (NHMFC), LandBank, and DBP, and seeks temporary relief measures including suspension of loan payments, waiver of penalties, and flexible payment terms.
“Ang pansamantalang suspensyon ng bayarin at pagtanggal ng penalties ay malaking tulong upang makabangon sila sa gitna ng krisis.”
“Dapat nating bigyan ng agarang ginhawa ang ating mga kababayan. Ang pansamantalang suspensyon ng bayarin at pagtanggal ng penalties ay malaking tulong upang makabangon sila sa gitna ng krisis,” Villar said.
The resolution proposes a one- to three-month loan moratorium, penalty condonation, loan restructuring, interest-rate reduction, and expedited calamity or emergency loan approval with built in grace period, noting that these practices were, modeled after past emergency responses, to prevent defaults and support economic recovery.
“Naging matagumpay po ang implementasyon natin nito sa Bayanihan to Recover as One Act, and Nakita natin ang positibong impact nito sa matagumpay na implementasyon ng Balik Ginhawa ng GSIS, accomplishing the end goal of providing cash relief to eligible members and pensioners,” the legislator said.
Previous to this, the SSS is already studying loan moratoriums and penalty condonation, while the Bangko Sentral ng Pilipinas is moving to freeze loan penalties for affected borrowers.
If adopted, the measure is expected to provide immediate financial relief while ensuring the continued fund stability of GOCC’s and other government financial institutions.
“Hindi natin alam kung kailan ang hangganan ng krisis na ito.”
“Hindi natin alam kung kailan ang hangganan ng krisis na ito,” the lawmaker pointed out.
“Kaya dapat magtulungan at magbayanihan tayo, higit sa lahat ay ibigay natin sa taumbayan, lalo na sa mga manggagawa ang tulong o assistance na makakapagbigay ginhawa sa kanila,” the senator concluded.
