Landbank Loans Under 60-Day Grace Period In Compliance w/ Bayanihan 2

Landbank Loans Covered by 60-Day Moratorium Amid COVID-19 Pandemic

LANDBANK LOANS – The existing loan transactions to the Landbank of the Philippines are under a 60-day grace period in compliance with the Bayanihan 2.

The Philippines is currently dealing with the COVID-19 pandemic. It is one of the over 200 countries and territories hit hard by the outbreak of the coronavirus disease that was first recorded in China last December 2019.

Currently, the whole PH is still under community quarantine measures in the pursuit to curb the spread of the disease. The wearing of face mask and the practice of social distancing have also become protocols.

Amid the COVID-19 pandemic, many people lost their job. Several businesses closed after weeks of having no operation under community quarantine measures.

Many businesses were allowed to operate but most people prefer to stay at home and only go out for the essential purposes now. Thus, some businesses only incurred expenses with no income for months.

To aid the people in dealing with the COVID-19 crisis, the national government approved the Republic Act No. 11494 or the Bayanihan To Recover As One Act. Following the Bayanihan 1, the Bayanihan 2 recently got a green signal from Pres. Rodrigo Roa Duterte.

Under the Bayanihan 2, loans are under a 60-day moratorium. The Landbank loans are among those under the said 60-day grace period in compliance with the newly-signed law in response to the pandemic.

According to the government bank, it applies to “all existing, current and outstanding” Landbank loans that are falling between September 15 and December 31, 2020.

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