Grab says banks to extend car loan payments during COVID-19 lockdown


Posted at Mar 30 2020 01:50 PM

Grab says banks to extend car loan payments during COVID-19 lockdown 1
Grab cars seen at the Grab Drivers Academy at the Megatent in Quezon City. Jonathan Cellona, ABS-CBN News/File

MANILA - Grab Philippines said Monday several banks would extend the deadline for its partner drivers' auto loan payments to help them cope with the COVID-19 lockdown.

“Right after the declaration of Metro Manila quarantine, we foresaw the difficulties our drivers would suffer and asked or coordinated with the banks for a payment holiday. The banks happily obliged, and will extend this as needed,” Grab president Brian Cu said in a statement. 

"Our partner-banks will provide a grace period. This is on top of the other relief efforts we are arranging for our driver-partners to help them weather the current crisis," he added.

List of banks that will offer loan payment extensions:

• EastWest Bank (30 days)
• Toyota Financial Services (30 days)
• BDO (60 days)
• Security bank (30 days)
• PSBank (30 days)
• BPI (30 days)
• RCBC (30 days)
• Unionbank (30 days)
• Robinsons Bank (30 days)
• Metrobank (30 days)
• UCPB (30 days)

All forms of public transport, including ride-hailing services, are suspended during the Luzon lockdown which is set to end on April 12. 

Grab said it would tap the Department of Social Welfare and Development for possible assistance to drivers.