The local government of Makati is pushing for an automatic loan moratorium in areas severely affected by recent typhoons and other natural disasters.
Mayor Abby Binay on Tuesday disclosed that the proposal would provide much-needed relief to affected residents, particularly farmers and fisherfolk whose livelihoods have been disrupted.
“Six successive tropical cyclones have battered the country since October, four of them striking within days of each other,” Binay said. “These have caused widespread damage to agriculture and infrastructure, and destroyed countless homes and businesses.”
Under the proposed policy, government agencies and financial institutions would automatically suspend loan repayments for borrowers residing in areas declared under a state of calamity.
“This is a reasonable and humane response to the plight of our fellow Filipinos,” Binay said. “By granting them a temporary reprieve from their financial obligations, they can focus on the immediate needs of their families and rebuilding their lives.”
The lady mayor and senatorial aspirant added that the moratorium should also extend to local government units (LGUs) that have been hard-hit by the calamities.
“We must help LGUs recover from the economic and social impacts of these disasters,” she said.
Binay specifically mentioned Land Bank, Development Bank of the Philippines, Department of Agriculture, Pag-IBIG Fund, Government Service Insurance System, and Social Security System as institutions that could implement the moratorium.