These time-bounded measures provided incentives for BSFIs to extend financial relief to their borrowers, incentivized bank lending, promoted continued access to credit/financial services, and supported continued delivery of financial services. Extension of financial relief to borrowersAt the onset of the Covid-19 pandemic, BSFIs were given regulatory relief to enable them to grant equivalent financial relief to their borrowers in the form of more flexible and favorable lending terms or restructuring of loan accounts. The BSP also implemented interest rate caps on credit card transactions to ease the financial burden of consumers and MSMEs amid the Covid-19 pandemic. Moreover, fees related to the grant of license or authority to provide Advanced Electronic Payments and Financial Services were temporarily waived until Dec. 31, 2021. Digital banking developmentsThe Covid-19 pandemic has accelerated the use of digital payments under the "New Economy" environment.

Source: Manila Times July 02, 2021 15:45 UTC