Philippines grants loan payment relief amid energy crisis

The central bank of the Philippines has introduced a series of relief measures to assist borrowers struggling with the ongoing energy crisis. The Bangko Sentral ng Pilipinas (BSP) approved a resolution last week that grants financial institutions the flexibility to extend loan payment deadlines for consumers and businesses. Under the new guidelines, banks may offer grace periods of up to six months for standard loans, while agricultural loans may receive extensions of up to one year, depending on individual bank assessments. Furthermore, the BSP will allow lenders to temporarily refrain from classifying these restructured loans as past due or non-performing assets.