MANILA -- Penalties for checks with insufficient funds are not waived during the Philippines' lockdown period, the central bank governor said Wednesday, as he encouraged the public to transact online.
Penalties and interest for loan payments that are due within the lockdown period are waived, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said.
All loans with due dates that fall within March 17 to April 30, or the duration of the enhanced community quarantine, are given a 30-day grace period under the Philippines' pandemic response law.
"Pinagbabawal natin yan to increase the integrity of the system," Diokno told DZMM, when asked bout checks without adequate funds.
"Pero ngayon magandang pagakakaton para sa ekonomiya, iniincrease natin online banking," he said.
(However, now is a good time for the economy to increase online banking.)
Diokno said he would accelerate his target to bring half of all transactions in the economy to the digital space by the end of his term in 2023.