Banks, utilities, rental owners urged to give clients reprieve

CEBU, Philippines — The Cebu Chamber of Commerce and Industry (CCCI) has made an appeal to the banking sector, utilities and commercial space owners to loosen their belts and help consumers cope with the economic hiccup amid the lingering scare of Covid-19 outbreak.

“We are asking the banking institutions to grant reprieve on amortization and waive interest payments for six months period to troubled businesses, especially those that are just starting but are already challenged by the epidemic and could barely operate,” said the official position paper released recently by the Chamber in an effort to help the Cebu economy cope with the business slowdown.

CCCI president Virgilio Espeleta said he already met with Cebu Bankers Club (CBC) to formally inform the organization of the business the sector’s appeal.

Mall operators and commercial space owners are also requested to grant a six-month rental holidays for those opting to close, or cut rental rates for tenants incurring losses due to very low traffic.

Meanwhile, utility companies like Visayan Electric, MCWD, among others are also urged to suspend some charges or at least reduce rates and to provide a leeway or moratorium on late payment penalties or notice of disconnection.