Government-owned Philippine Deposit Insurance Corp. (PDIC) has launched the Closed Bank Loan Incentive Program (CLIP), a no-fee, easy-to-pay initiative designed to help borrowers of banks that have been closed by the Monetary Board.
"The program provides incentives to borrowers of closed banks to immediately settle their outstanding loans obligations, to enable them to maintain their credit worthiness, and to optimize recovery from liquidation for the benefit of closed bank creditors," it explained in a statement released over the weekend.
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