The Office of the Undersecretary for Finance issues Memorandum OUF-2020-0552 on the Internal Guidelines on the Implementation of Section 4 (uu) of RA No. 11494, otherwise known as the “Bayanihan to Recover as One Act”.
Here are some of the important points from the memo.
- Based on Part A of GSIS MC No. 19, the GSIS shall implement a 60-day moratorium on payment of loan, from November to December 2020 and the term of the loan is extended by two (2) months.
- For the private lending institutions (PLIs) accredited under the APDS, it was agreed that the implementation of 60-day grace period under BARO Act shall be in October to November 2020.
- To date, the following are the updates on the outcome of this Department’s request for the waiver of accrued interests on loans under BARO Act.
Read the whole memorandum below for your guidance and reference.