The Bangko Sentral ng Pilipinas (BSP) announced that it is allowing supervised financial institutions to offer temporary relief options for borrowers impacted by the State of National Energy Emergency declared on 24 March amid the geopolitical tensions in the Middle East.

The BSP said eligible borrowers severely hit by high energy costs can request loan payment grace periods and other relief measures directly from their banks and some financial institutions. 

The relief measures recently approved under Monetary Board Resolution No. 296 state that BSP-supervised financial institutions may grant affected borrowers temporary grace periods of up to six months on loan payments. 

Agricultural loan payments, on the other hand, can be deferred for up to one year, subject to bank assessment. 

Further, the BSP said loans to affected borrowers may also be temporarily excluded from past due and non-performing loan classifications for up to one year, subject to applicable notification and reporting requirements.

“These relief measures are not automatic and are subject to tender review. Contact your lender to check if you qualify,” the BSP said. 

In memorandum No. M-2026-014, the BSP said BSFIs need to exercise prudent judgment in determining the appropriateness of the regulatory relief measures that will be availed. 

“This includes ensuring that applicable relief is extended only where there is evidence of financial pressure or deterioration in the borrower’s repayment capacity attributable to the energy emergency, based on a reasonable and adequately supported assessment,” it said. 

BSFIs are also expected to ensure that the application of regulatory relief shall remain targeted, proportionate, and consistent with safe and sound banking practices, it added.