SEN. Mark Villar has filed Senate Resolution 366, urging government financial institutions to implement temporary loan relief measures to help Filipinos cope with escalating fuel prices and the rising cost of living amid the energy crisis.
The resolution calls on key state-run financial institutions — including the Social Security System (SSS), Pag-IBIG Fund, National Home Mortgage Finance Corp. (NHMFC), Land Bank of the Philippines (LandBank), and Development Bank of the Philippines (DBP) — to provide immediate financial relief through a range of interventions.
Among the proposed measures are a one- to three-month loan payment moratorium, grace periods, penalty condonation, loan restructuring options, reduced interest rates, and expedited approval of emergency or calamity loans with built-in payment deferrals.
“We must provide immediate relief to our countrymen. The temporary suspension of payments and the removal of penalties will go a long way in helping them recover from the crisis,” Villar said.
He said the interventions are modeled after similar relief mechanisms implemented during past national emergencies, particularly under the Bayanihan to Recover as One Act.
He cited the success of programs such as the GSIS Balik Ginhawa, which provided financial assistance to eligible members and pensioners.
Even before the resolution was introduced, the SSS had begun studying loan moratoriums and penalty condonation, while the Bangko Sentral ng Pilipinas is reportedly considering measures to freeze loan penalties for affected borrowers.
“We do not know when this crisis will end. So, we must work together and support each other, and above all, we must give the people, especially workers, the help or assistance that will make them feel better,” Villar said.
