MANILA, Philippines — Banks are open to defer debt payments for only one month as the one-year moratorium being pushed by the House of Representatives under the proposed Bayanihan 2 could further spell disaster for the economy. The Management Association of the Philippines (MAP) is likewise supporting a 30-day reprieve proposed in the Senate version. Citing available figures, he said at least P11 trillion or roughly 78 percent of the total P14 trillion deposits have been borrowed. Bayanihan 2, a follow-up measure to the Bayanihan to Heal As One Act or Bayanihan 1, identifies measures to address the COVID-19 crisis. The House of Representatives and Senate versions of the Bayanihan 2 will have to be reconciled through the bicameral conference before it is transmitted to Malacañang for the President’s approval.

Source: Philippine Star August 14, 2020 15:56 UTC