MANILA - President Benigno Aquino III has directed all government financial institutions to grant a six-month moratorium on outstanding loan payments of victims of super typhoon Yolanda.
Memorandum Circular 56 also extends interest-free loans to individuals and entities directly affected by the disaster.
The circular is addressed to government financial institutions and government-owned and –controlled corporations such as:
Land Bank of the Philippines,
Development Bank of the Philippines,
National Home Mortgage Finance Corporation-PAGIBIG,
People's Credit and Finance Corporation,
Philippine Postal Savings Bank,
Philippine Retirement Authority,
Quedan Rural Credit and Guaranty Corporation, and United Coconut Planters Bank.