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MANILA - The Bangko Sentral ng Pilipinas (BSP) said Monday it has drafted the implementing rules of the 60-day moratorium on loans as President Rodrigo Duterte is expected to sign the Bayanihan to Recover as One Act (Bayanihan 2) on Monday.

Public and private financial institutions are covered under the non-extendible 60-day loan moratorium of Bayanihan 2, BSP Governor Benjamin Diokno said.

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"Walang interest on interest, walang penalties, walang fees and other charges," he told ABS-CBN's Teleradyo.

(There's no interest on interest, no penalties, no fees and other charges.)

"Kung meron ka dapat babayaran ng September, ang mangyayari niyan babayaran mo sa November. Kung may interes naman, dapat babayaran mo rin yung interes, pero walang penalties."

(If you have dues to be paid next month, what will happen is you can pay in November. If there's interest, you should pay for that but without penalties.)

He added that "no waiver previously executed by borrowers covering payments all due before December 31 shall be valid."

"Kung meron ka mang pinirmahan na sabi nila magkakaroon ng Bayanihan 2, hindi ka mag-a-avail nun, hindi valid yung pinirmahan mong waiver na yun," Diokno said.

(If you signed a waiver stating that you will not avail of the Bayanihan 2, that's not valid.)

Diokno said among the institutions covered are GSIS, SSS, Pag-IBIG, quasi-banks, non-stock savings, loan associations, pawn shops, cooperatives, financing companies, lending companies, real estate developers, insurance companies providing life insurance policies, pre-need companies, entities providing in-house financing for goods and properties purchases, assets and liabilities management companies.

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The 60-day reprieve on loans is expected to take effect 15 days after publication of the law or sometime next month, the central bank chief said.