Debt relief and rehabilitation for borrowers adversely affected by the super typhoon

ana ral na nas

OFFICE OF THE GOVERNOR

CIrCULAr LettEr Series of 2003

TO : All Banks with Banking Offices in the Province of Isabela

SUBJECT : Debt Relief and Rehabilitation for Borrowers

Adversely Affected by the Super Typhoon

provide temporary debt relief in order to expedite rehabilitation of areas severely July 2003. affected by the super typhoon that devastated the Province of isabela last 20 The Bangko Sentral ng Pilipinas (BSP) recognizes the urgent need to

Towards this end, the BsP will be flexible in the regulatory treatment and will relax the ciassification and provisioning requirements of loans that may be to recover from the disaster. Loans restructured/rescheduled under this program shall be treated as regular loans and shall be subject to the general loan loss restructured/rescheduled loans are subsequently maintained in performing status or have complied with the terms of the restructuring agreement. restructured/rescheduled by banks to aliow a borrower reasonable period of time provision of ONE PERCENT (1%) instead of Five Percent (5%) applicabie to restructured ioans: Provided, That the restructuring/rescheduling of said loans are effected not later than 31 DECEMBER 2o03: Provided, further, That the

For your guidance.

UOwubev (3_2003 ARMANDO L. SURATOS Officer-in-Charge

MAG-IMPOK SA BANGKO

MAYNILA,PILIPINAS 1004 . Tel No. 524-70-11 trunkline - URL: www.bsp.gov.ph - e-mail: [email protected]