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<center>[[Catanduanes Province, Philippines|<font size=4>'''Province of Catanduanes'''</font>]] - [[Catanduanes Archived News|<font size=4 color=green>'''Archived News'''</font>]]</center> | <center>[[Catanduanes Province, Philippines|<font size=4>'''Province of Catanduanes'''</font>]] - [[Catanduanes Archived News|<font size=4 color=green>'''Archived News'''</font>]]</center> | ||
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==Bangko Sentral grants regulatory relief to banks affected by “Sendong”== | |||
*Source: http://www.pia.gov.ph/?m=1&t=1&id=70543 | |||
*By: Jerome Carlo R. Paunan | |||
*''January 02, 2012'' | |||
To assist and ease the financial burden of bank customers adversely hit by tropical storm Sendong, the Bangko Sentral ng Pilipinas (BSP) is granting regulatory relief measures to thrift, rural, and cooperative banks in the affected areas. | |||
Sendong devastated several parts of the country, particularly the Visayas and Mindanao regions, on December 2011. | |||
Eligible for the relief measures are those in the following areas identified by the National Disaster Risk Reduction and Management Council which include Region V: '''Catanduanes'''; Region VI: Capiz; Region VII: Bohol and Negros Oriental; Region IX: Zamboanga del Norte; Region X: Bukidnon, Lanao del Norte, Misamis Occidental and Misamis Oriental; Region XI: Compostela Valley and Davao del Norte; Region XIII (CARAGA): Agusan del Sur and Surigao del Sur; and Autonomous Region in Muslim Mindanao (ARMM): Lanao del Sur. | |||
Similar relief measures were extended by the BSP to thrift and rural/cooperative banks in cities/provinces that were affected by landslide/flooding last September 2011 and previous typhoons such as Frank, Ondoy, Pepeng, Juaning, Mina, and Pedring. | |||
In a statement, the BSP said that its policy-making body, the Monetary Board, has approved some temporary relief measures which include: | |||
1. Reducing the five percent general loan loss provision to one percent for restructured loans of borrowers in the affected areas; | |||
2. Excluding existing loans of borrowers in affected areas from the computation of past due ratios provided these are restructured or given relief; | |||
3. Non-imposition of penalties on legal reserves deficiencies with head office and/or branches in the affected areas; | |||
4. Moratorium on monthly payments due to BSP for banks with ongoing rehabilitation programs; | |||
5. Subject to BSP approval, booking of allowance for probable losses on a staggered basis over maximum of five years for all types of credit extended to individual and businesses directly affected by the calamity; | |||
6. Non-imposition of monetary penalties for delays in the submission of supervisory reports; | |||
7. Allowing banks to provide financial assistance to their officers and employees who were affected by the calamity including those assistance that may not be within the scope of the existing BSP-approved Fringe Benefit Program; | |||
8. Granting of a 60-day grace period to settle the outstanding rediscounting obligations as of December 15, 2011 with the BSP of all rediscounting banks in the affected areas; and | |||
9. Allowing banks to restructure with the BSP, on a case-to-case basis, the outstanding rediscounted loans of borrowers affected by the calamity. | |||
These measures will be in effect for a defined period and covered by additional specific and other prudential conditions, the BSP said. | |||
==CSCLS tops 2nd Christmas Serenade== | ==CSCLS tops 2nd Christmas Serenade== | ||
*Source: http://pia.gov.ph/?m=7&r=r05&id=70347 | *Source: http://pia.gov.ph/?m=7&r=r05&id=70347 | ||