SENATOR Joel Villanueva on Thursday urged banks to strictly implement relief measures allowed by the Bangko Sentral ng Pilipinas (BSP), including loan payment grace periods and the waiver of digital transfer fees, amid rising energy costs.
Villanueva said the BSP’s latest policy move should go beyond temporary relief, stressing the need to institutionalize consumer protections to shield Filipinos from recurring economic shocks.
“The BSP is doing exactly what a responsible central bank should do in a crisis, making it easier, not harder, for ordinary Filipinos to move money,” he said.
“We cannot keep relying on emergency waivers and moral suasion. Consumers deserve protection that does not disappear when the crisis passes,” he added.
Under Monetary Board Resolution No. 296 dated April 8, 2026, the BSP authorized banks to grant loan payment grace periods of up to six months for borrowers affected by the State of National Energy Emergency declared on March 24.
Agricultural borrowers may defer payments for up to one year, subject to bank assessment, while affected loans may also be temporarily excluded from past due and non-performing loan classifications for up to one year to prevent technical defaults.
Banks and e-money service providers are urged to suspend fees on digital transactions, including InstaPay and PESONet transfers, and to reduce the need for physical visits to banks and payment centers during the emergency.
Villanueva said the voluntary nature of the fee waivers highlights a longstanding policy gap.
“Every time there is a crisis — a pandemic, an oil shock — the BSP scrambles to convince banks to waive transfer fees, and banks treat it as optional. That is the gap we need to close,” he said.
He said reviewing and strengthening policies on digital transaction costs and response measures would help ensure sustained financial relief for consumers. (PNA)
