Republic Acts1 min read
Section 2Sec./Art. 2
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01 Definition of Terms.As used in these Rules, the following terms shall mean:
(a) "Covered Institutions" shall mean all lenders, including but not limited to banks. quasi-banks,non-stock savings and loan associations, credit card issuers, pawnshops and other credit granting financial institutions under the supervision of the Bangko Sentral ng Pilipioas (BSP). Securities and Exchange Commission (SEC), and Cooperative Development Authority, public or private, including the Government Service Insurance System, Social Security System and Pag-ibig Fund.
(b) "Loan Amortization" means a scheduled periodic payment that is applied to both loan principal and/or interest.
(c) "ECQPeriod" means the Enhanced Community Quarantine period from 17 March 2020 to 12 April 2020 cited in Proclamation No. 929 dated 16 March 2020.
(d) "Due Date" means the maturity date of the principal and/or interest, including amortizations falling within the ECQ Period.ℒαwρhi৷
RULEIII
MANDATORY GRACE PERIOD
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