THE Bangko Sentral ng Pilipinas (BSP) rejected a provision under the Bayanihan 2 measure directing financial institutions to grant borrowers a 365-day grace period for loan payments.

“While we recognize the noble intentions behind the adoption of a 365- day moratorium on loan payments, the said policy, while having the best interest of the public in mind, may result in unintended consequences that will severely affect the banking industry, the financial system, and the economy,” BSP Governor Benjamin Diokno said during a press briefing on Thursday.

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