PH banks 'adequately capitalized' to extend loan payments: BSP

ABS-CBN News

Posted at Mar 22 2020 11:35 AM | Updated as of Mar 22 2020 11:46 AM

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MANILA -- Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday Philippine banks were "adequately capitalized" to help millions under lockdown due to the COVID-19 pandemic keep up with their loan payments.

Some banks have granted 60-day to 90-day grace periods to clients if their due dates fall within the 1-month long quarantine period that is set to end on April 12. 

"The banking industry is sound and adequately capitalized. Even under extreme situations, the banking industry will be above the 10 percent requirement of the BSP," Diokno told ANC.

The Luzon Island group, home to half the Philippines' 100 million population is under "enhanced" quarantine. People are required to stay in their homes and transportation is restricted.