BSP eases regulations in drought areas

The Bangko Sentral ng Pilipinas (BSP) has moved to allow lenders in areas affected by the drought caused by the El Niño phenomenon to provide debt relief to their borrowers by granting regulatory and rediscounting relief measures to banks and other financial institutions.

“Due to severe drought conditions affecting several provinces, borrowers in the affected areas could face difficulty in paying their loans,” the central bank said late Thursday.