Senator Mark Villar has filed a resolution urging government financial institutions to grant loan moratoriums, grace periods, and penalty condonation to help Filipinos cope with rising fuel prices.
Through Senate Resolution No. 366, Villar called on government-owned and controlled corporations (GOCCs) engaged in lending—including the Social Security System (SSS), Pag-IBIG Fund, National Home Mortgage Finance Corporation (NHMFC), Social Housing Finance Corporation (SHFC), Development Bank of the Philippines (DBP), and Land Bank of the Philippines—to provide temporary relief measures such as suspension of loan payments, waiver of penalties, and more flexible repayment terms.
“Dapat nating bigyan ng agarang ginhawa ang ating mga kababayan. Ang pansamantalang suspensyon ng bayarin at pagtanggal ng penalties ay malaking tulong upang makabangon sila sa gitna ng krisis,” Villar said.
The resolution proposes a one- to three-month moratorium, penalty condonation, loan restructuring, reduced interest rates, and faster processing of calamity or emergency loans with built-in grace periods.
Villar noted that similar measures were effectively implemented under the Bayanihan to Recover as One Act and through the Balik Ginhawa program of the Government Service Insurance System (GSIS).
“Naging matagumpay po ang implementasyon natin nito sa Bayanihan to Recover as One Act, and nakita natin ang positibong impact nito sa matagumpay na implementasyon ng Balik Ginhawa ng GSIS, accomplishing the end goal of providing cash relief to eligible members and pensioners,” he added.
The SSS has said it is already studying the possibility of offering loan moratoriums and penalty condonation, while the Bangko Sentral ng Pilipinas (BSP) is moving to freeze loan penalties for affected borrowers.
If adopted, the measure is expected to provide immediate financial relief while maintaining the stability of government financial institutions.
“Hindi natin alam kung kailan ang hangganan ng krisis na ito. Kaya dapat magtulungan at magbayanihan tayo, higit sa lahat ay ibigay natin sa taumbayan, lalo na sa mga manggagawa ang tulong o assistance na makakapagbigay ginhawa sa kanila,” Villar stressed.