MANILAbigjackpot88, Philippines — Makati City Mayor Abigail “Abby” Binay has called for the automatic suspension of loan repayments in areas affected by calamities after consecutive typhoons hit the country.

In a statement on Tuesday, Binay said, “Granting automatic moratorium on government loan repayments in calamity-hit areas would provide much-needed respite to affected residents, especially farmers and fisherfolk whose sources of livelihood have been wiped out.”

She argued that a loan moratorium, a period when a borrower is not required to make repayments for a certain time, would help borrowers “avoid penalties and stabilize finances.”

Article continues after this advertisement

Binay specifically urged the Department of Agriculture and loan-issuing state-owned corporations such as the Land Bank of the Philippines, the Development Bank of the Philippines, the Social Security System, the Government Service Insurance System, and the Pag-IBIG Fund to grant the moratorium.

FEATURED STORIES NEWSINFO House approves bill seeking employment of seniors on final reading NEWSINFO Pagasa says 3 weather systems to bring cloudy skies, rains Nov 19 NEWSINFO PNP cautions malls vs guards in Christmas costumes

“By giving them reprieve from their financial obligation, they can focus on the day-to-day needs of their families and rebuilding their homes,” she said.

The Makati City mayor, who is running for Senate in 2025, added that the loan moratorium could be extended to local government units to help them “recover from the impact of these calamities on the local economy and public services.”

Article continues after this advertisement

Binay’s proposal comes after the recent string of typhoons to hit the Philippines.

Article continues after this advertisement

NDRRMC: Over 1.8 million Pinoys impacted by Pepito, 2 earlier typhoons

Article continues after this advertisement

As of 8 p.m. on Monday, Nov. 18, the National Disaster Risk Reduction and Management Council (NDRRMC) tallied 1,368,551 individuals affected by the combined effects of Typhoon Nika (International name: Toraji), Super Typhoon Ofel (Usagi) and Super Typhoon Pepito (Man-yi).

NDRRMC’s data also showed the three consecutive cyclones caused damage worth P8,640,199.46 in agriculture and P469,847,274.36 in infrastructure.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.bigjackpot88

READ NEXT Manila Water expands service in Rizal with 2 new pipeline proj... OVP’s possible fake receipts bigger issue than ‘Piatto... EDITORS' PICK Trump confirms plans to use military in mass deportations PDEA, DDB open to downgrading marijuana from dangerous drugs list Kris Aquino grateful as son Josh recovers from COVID-19 US, PH alliance to ‘transcend’ changes of administration – Austin Marcos says he had ‘friendly, productive’ phone call with Trump Man-yi leaves 7 dead in PH and worsens crisis from successive storms MOST READ Poll watchdogs laud Comelec’s update on social media regulations Comelec lists approved areas for mock elections, no date set yet House insists on ‘ayuda’ Senate wants to defund Peso may fall to 59, BSP to intervene Follow @FMangosingINQ on Twitter --> View comments

• Wants
• bigjackpot88
• Binay
• automatic
• Loan