The Land Bank of the Philippines (LBP) has duly notified the Department of Transportation (DOTr) that, in line with the Implementing Rules and Regulations (IRR) of Section 4 (aa) of ‘Bayanihan to Heal as One Act,’ LBP has addressed the concerns of BORROWERS of the SPEED PUV Program.
With this, Landbank has announced that:
1. It is providing a 30-DAY GRACE PERIOD to those who availed LOANS under the Landbank SPEED PUV Program with principal and/or interest falling due within the Enhanced Community Quarantine (ECQ) period without incurring interest on interest, penalties, fees, and other charges.
2. However, this DOES NOT PRECLUDE borrowers on paying amortizations which fall due during the ECQ, should they opt to.
3. The ACCRUED interest and/or loan principal for the 30-day grace period SHALL BE PAID by the borrower on a STAGGERED BASIS over the remaining life of the loan. Nonetheless, this shall not preclude the borrowers to pay the accrued interest and/or loan principal in full on the new agreed-upon date following the application of the 30-day grace period, or extended grace period (as the case may be).