Bayanihan Act Imposes '30-Day Grace Period' On House Rents, Loans During Quarantine

As the nation battles against the fast-spreading novel coronavirus disease (COVID-19), paying the house rent is the least of your worries, at least during the enhanced community quarantine.

President Rodrigo Duterte, on Tuesday, March 23, 2020, signed into law Republic Act No. 11469, otherwise known as the Bayanihan To Heal As One Act. Among its provisions is to freeze all residential rent payments.

The law states that all residential rent payments due within the period of the enhanced community quarantine will have "a minimum of a 30-days grace period." A "grace period" is a length of time after your due date, during which payment may be made without penalty.

 Tenants will still beobligated to pay for their rent. All rental payments, however, should also not "incur interests, penalties, fees, and other charges."

This provision seeks to ease the financial burden of tenants who rely on their daily paychecks. Senator Grace Poe-Llamanzares said in a statement that such tenants "might not have enough to pay for their rent and may even face the possibility of eviction" since work is suspended during the quarantine.

Malls are also ordered closed during the enhanced community quarantine. Mall owners had already voluntarily suspended or waived rent for their tenants to help small to medium establishments (SMEs) extend help to their employees.

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All loan payments due within the quarantine period are also suspended for 30 days

Another relevant provision of the Bayanihan to Heal As One Act is to implement "a minimum of 30-day grace period" for loan payments due within the quarantine period.

This includes payments due for salary, personal, housing, and motor vehicle loans, as well as credit card payments. "Persons with multiple loans shall likewise be given the minimum 30-day period for every loan,' the law states.

It also applies to all public and private "banks, quasi-banks, financing companies, lending companies, and other financial institutions." Loans made from the Government Service Insurance System (GSIS), Social Security System (SSS), and Home Development Mutual Fund or Pag-IBIG Fund are also covered under the law.

Pag-IBIG had already imposed a moratorium on loan payments before the law was enacted. It also made applying for loans online easier. Many banks and basic utility services had also suspended payment collection since the enhanced community quarantine was announced last March 17, 2020.

The enhanced community quarantine is set to be lifted on April 14, 2020.

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