MANILA, Philippines - Banks affected by Typhoon Santi which hit the country earlier this month will be granted regulatory relief by the central bank, a Bangko Sentral ng Pilipinas (BSP) official said.
BSP Deputy Governor Diwa C. Guinigundo told reporters late Thursday the central bank’s policy-making Monetary Board has approved relief measures for banks located in areas battered by Typhoon Santi.
The BSP grants temporary relief to banks affected by typhoons to ease their financial burden and also assist their customers in the process.
Typhoon Santi, which devastated Luzon from Oct. 8 to 13, killed 15 individuals and displaced at least 14,684 families, according to a National Disaster Risk Reduction and Management Council report dated Oct. 16.
Damage to agriculture has amounted to P3.172 billion, while damage to infrastructure summed up to P114.473 million.
In August, the BSP has granted temporary regulatory relief to banks affected by Typhoon Labuyo and by southwest monsoon enhanced by Tropical Storm Maring during that month.
Relief measures granted during that month included the exclusion of existing loans from the computation of past due ratios so long as these are restructured, and the non-imposition of penalties on legal reserves deficiencies.