Judith and her twin sister Jona is waving at you.
Kidding aside, business owners or even anyone who handles the household’s finance should be well aware about the bills coming their way.
But we should not worry ,the government, service providers, banks and credit card companies made sure that you bills would not pile all on you at the same time. Here, we summarize the extensions on payment made to your monthly dues:
Basis: Department of Trade and Industry Memorandum Circular 20 -12
Extension provided: 30 day grace period for rent due falling within the ECQ period without incurring interest, penalties or other charges due to late payment. Where the 30 calendar days (including Saturdays and Sundays) grace period will be counted from the last date due of the rent which fell due within the ECQ period.
For example: You have a rent due that was due to be paid on May 5 at an amount of Php 10,000. You will have 30 days grace period or until June 4, 2020 to pay the rent without interest, penalties or other charges.
While cumulative rents falling due within the ECQ period will be amortized for 6 months which would added to your current rent due for the month.
For example: You had a rent due last March 25 and April 25 for 15,000 each. How much will you pay in May 25, June 25 and so on?
Your payment for rent from May 25 to December 25, 2020 shall be as follows:
Who could avail: Residential unit tenants and Commercial Space tenant who are leased by Micro, Small or Medium enterprises (these are your duly registered entities with assets less than Php 100,000,000) – MSMEs
Other concessions available to MSMEs:
- Total or partial waiver of lease payments which fell due during the ECQ period
- Grant of reprieve or discount amount
- Renegotiation of lease term agreements
- Use of other recourse to mitigate impact of ECQ to the MSMEs
How could the extension be availed: Commercial tenants shall signify to their lessors their request for assistance thru grace period or amortization of rent by providing documents such as but not limited to financial statements, unused invoices or receipts and lease contract for proof of tenancy. The lessor shall evaluate base on the liquidity and capability to pay of the MSMEs to repay rent.
No eviction :For failure to pay the rent for residential or commercial rent due may be enforced within the 30 day period AFTER the lifting of the ECQ.
Penal Clause: Lessors who shall refuse to provide the 30 day grace period to lessees shall be penalized with:
- Fine of not less than Php 10,000 or
- Imprisonment of not less than 2 months or
The full text of the MC 20-12 can be downloaded here:
The Energy Regulatory Commission’s directed all distribution utilities and retail electricity suppliers to provide a grace period to its customers through deferment of their electricity bill falling due within the ECQ period or from March 16 to April 30, 2020.
Meralco quickly complied with the above directive,by adding such guideline in their FAQ during COVID 19
You may access Meralco’s FAQs thru this link:
Water Service Providers:
Manila Water on their website has earlier announced the extension of payment due date for thirty (30) days in consideration to the economic impact of the enhanced community quarantine (ECQ) to its customers. While the ECQ also necessitated the suspension of actual meter reading, water bills are currently derived from the average actual consumption for the past three (3) months prior to the implementation of the ECQ.
It also launched a SMS bill inquiry system. See poster below:
While Maynilad has this on their website, where they advised customers that their billing would be on the average water consumption over the past three months however no announcement as to payment extension.
The Securities Exchange Commission (SEC) in their latest Notice posted last April 29,2020 directed all covered institutions to provide a 30 day grace period for all loans with principal and/or interest falling due within the extended period ECQ period , March 17 – May 15, 2020 pursuant to Section 3.01 of the Implementing Rules and Regulations (IRR) of Section 4(aa) of Bayanihan to Heal As One Act.
Under the IRR the term “covered institutions” shall mean all lenders, including but not limited to:
- Quasi – bank;
- Non – stock savings and loan associations;
- Credit card issuers;
- Pawnshops; and
- Other credit granting financial institutions under BSP, SEC and CDA including GSIS, SSS and Pag -Ibig Fund
The accrued interest meanwhile may be paid by the borrower on staggered basis over the remaining life of the loan.
While the term “loans” under Section 4 (aa) of the Bayanihan Heal As One Act (RA 11469) shall include but not limited to the following:
- Motor vehicle loans; and
- Credit card payments
You may download the the Tagalog FAQ regarding the SEC Notice for the Mandatory Grace Period on Loan here:
For credit card payments, here are the links to some of the advisories issued by some credit card issuers:
For Smart and PLDT:
As per their website, the Payment Extension Period is the 30-day/1-month extension period from your due date. If your due date is on March 16, 2020, your payment extension period would be from March 16, 2020 to April 30, 2020. Your new due date would be on May 1, 2020.
See details here: https://smart.com.ph/Pages/stay-smart/extension-faqs
Contribution with SSS and PHIC
For SSS: Contributions are extended until June 1
For PHIC – Employers – Payment for contributions are extended until May 31
We hope we have informed you well on the due dates you have settle, with these dates in mind you can now draw out your cash flow budget that will help you manage your payments.
–Wania and Partners is a duly registered general professional partnership with services ranging from accounting, taxation, training and consultancy.
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