Once the proposed Bayanihan to Recover as One Act or Bayanihan 2 becomes a law, there will be a 60-day moratorium for the payment of loans in the country, according to Senator Sonny Angara on Thursday.

Angara said this is applicable regardless of community quarantine status throughout the country.

“Dati kasi may conditions pa na kailangan under quarantine or under ECQ, wala na ‘yun, 60-day grace period talaga. Let’s say due siya tomorrow, may 60 days ka na palugit,” Angara said.

“All loans kasama credit cards, kasama payment for insurance premiums, etc., puwedeng utang ng negosyo, business, investments, consumer credit loans,” he added.

“Na-realize nila kahit di namin i-impose ‘yan, ‘yun din ang mangyayari. People will be asking for the restructuring of loans, more grace period,” Angara said.

Furthermore, residential rents and utility bills within the period of ECQ or Modified ECQ shall also be covered by a 30-day grace period.

The Bayanihan 2 bill has P165 billion budget. 

Bayanihan 2 will be effective until December 19, 2020, once signed by President Rodrigo Duterte into law.