The Bank of the Philippine Islands (BPI) is encouraging Small and Medium Enterprises (SMEs) to take advantage of the loan payment deferment program of up to 60 days designed to help them cope with some of the losses caused by the enhanced community quarantine (ECQ) to combat COVID-19.
BPI Business Banking Head Eric Luchangco said the COVID-19 outbreak has negatively affected many businesses, particularly SMEs, and that this loan reprieve is part of the Bank’s commitment to help them keep their businesses going.
“We want our SMEs to thrive. We know the ECQ compelled many of them to temporarily close their shops. We hope this program will be able to help them recover. Their collective success will help shape our nation in the coming months,” said Mr. Luchangco.
The optional payment deferral program offers a voluntary payment extension that allows SMEs to delay payments for up to 60 days without incurring any interest or late payment fees, effectively extending the loan tenor by up to two months.
This offer was recently extended from 30 days after the extension of the ECQ. The program covers SME loan clients with payment deadlines from March 17 to April 30, 2020.
“We are aligned with the Bayananihan Act to help enable SMEs to focus on protecting their businesses during this uncertain time.” he said.
