| Government Agency | Issuance | Summary |
Grace Periods |
| Securities and Exchange Commission (SEC) | Extension of the Mandatory Grace Period for Loans During the Extended Enhanced Community Quarantine Period (SEC Noticedated April 29, 2020)[7] | This issuance directs “financing companies, lending companies, and microfinance NGOs” to extend the 30-day grace period under Section 4(aa) of R.A. No. 11469 or theBayanihan to Heal As One Act (Bayanihan Act)to “all borrowers with payments due within the extended ECQ period” from March 17, 2020 to May 15, 2020. |
| Philippine Health Insurance Corporation (PhilHealth) | Payment of Premium for all Direct Contributors (PhilHealth Advisory No. 2020-027dated April 24, 2020)[8] | This issuance provides for a “moratorium on contribution payments for the applicable months of February to April 2020. Payment of premiums for these applicable months shall be extended until May 31, 2020 without interest for all Direct Contributors.” |
| Philippine Economic Zone Authority (PEZA) | PEZA Provides Grace Period for Rents, Utilities, Old Unpaid Accounts, and Processing Fees (PEZA Memorandum Circular No. 2020-0023dated April 18, 2020)[9] | This implements theBayanihan Actby granting a 90-day grace period for payment of rents in public ecozones and a 30-day grace period for payment of utilities. A 90-day grace period is also granted for the payment of “old unpaid accounts covering the months of January to March 2020 prior to the implementation of the ECQ.” The circular also provides for a 15-day grace period for the payment of processing fees. |
| Philippine Ports Authority (PPA) | Grace Period for Rents and Concession Fees for PPA Lessees and Port Terminal Operators (PPA Memorandum Circular No. 17, Series of 2020dated April 23, 2020)[10] | This implements Section 4(bb) of theBayanihan Act[11]by granting a minimum of 30-day grace period for the payment of rental and concession fees “falling within the ECQ period, without incurring interest, penalties, fees and other charges” for “qualified PPA lessees and port terminal operators.” Upon the expiration of the grace period, a “12% interest and 25% penalty charges per annum will be imposed on late payment.” |
| Department of Transportation (DOTr, Civil Aviation Authority of the Philippines (CAAP), and Manila International Airport Authority (MIAA) | Extension of Rental Holidays to May 15 for Airport Concessionaires (DOTr – CAAP – MIAA Press Releasedated May 2, 2020)[12] | This announces the CAAP’s extension of deferment of “collection of several fees and charges, including lease or rental fees from airport concessionaires” until May 15, 2020. “A one-year deferment [(i.e., from March 12, 2020 to March 12, 2021)] of the collection of landing/take-off and parking fees for domestic and international flights” has also been implemented.The MIAA has also deferred the “collection of aeronautical fees of local carriers” for one year from March 1, 2020. “Rental charges of all concessionaires operating at the terminals … are also waived” from March 15 until the end of the ECQ period. |
Extensions for Filing of Pleadings |
| Department of Trade and Industry (DTI) | Guidelines on the Interruption of the Periods Related to the Filing of Appeals Before the Office of the Secretary and Suspension of Rendition of Judgments and Other Actions (Memorandum Circular No. 20-20dated April 27, 2020)[13] | This implements Section 4(z) of theBayanihan Act[14]by granting parties “15 calendar days from the lifting of the ECQ to file … appeals, pleadings, and other papers.” The rendition of judgments and other actions is also suspended during the ECQ period. Urgent cases “necessary to enable to government to act expeditiously on matters affecting the current public health emergency” are excluded from the interruption and suspension of periods. |
Data Privacy |
| Department of Health (DOH) and National Privacy Commission (NPC) | Privacy Guidelines on the Processing and Disclosure of COVID-19 Related Data for Disease Surveillance and Response (Joint Memorandum Circular No. 2020-0002dated April 24, 2020)[15] | This sets out “the guidelines for the collection, processing and disclosure of COVID-19-related data in pursuit of disease surveillance and response, while protecting the data privacy rights of patients and individuals and ensuring the confidentiality, integrity, and availability of their personal data.” |
| Subsidies and Assistance |
| Department of Finance (DOF) | Extension of Application Period for Small Business Wage Subsidy (DOF Advisorydated April 24, 2020)[16] | This advisory extends the application period for the Small Business Wage Subsidy Program from April 30, 2020, to May 8, 2020. |
| Guidelines for the Availment of the Small Business Wage Subsidy Measure (Joint Memorandum Circular No. 001-2020dated April 28, 2020)[17] | This circular prescribes guidelines for the availment of the Small Business Wage Subsidy Program. The circular sets out the eligibility criteria for both employers and employees, additional conditions for the grant of the subsidy, and other general guidelines. |
| Department of Labor and Employment (DOLE) | Realignment of Budget to Aid Workers (DOLE News Releasedated April 29, 2020)[18] | This announces the DOLE’s realignment of PhP1.5B from its 2020 budget to give assistance to additional 300,000 workers under the COVID-19 Adjustment Measures Program (CAMP). The DOLE will also disburse PhP1B from realigned funds for the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program starting May. |
| Department of Interior and Local Government (DILG) | Rationalizing the Establishment of an LGU Task Force Against COVID-19 (DILG Memorandum Circular No. 2020-077dated April 24, 2020)[19] | This circular implements Section 4(g) of theBayanihan Act[20]by mandating LGUs to create a Local Task Force Against COVID-19. The circular enumerates the members and teams comprising the Task Force and the protocols to be adopted for identifying and treating possible COVID-19 patients. |
| Banking Regulations |
| Bangko Sentral ng Pilipinas (BSP) | Fees on Interbank Fund Transfer and ATM Transactions (BSP Memorandum No. M-2020-031dated April 25, 2020)[21] | This issuance encourages BSFIs to suspend the fees charged for “other fund transfer services and interbank ATM transactions,” in light of the “extraordinary circumstances” brought by the COVID-19 pandemic. |
| Waiver of Fees Related to the Grant of License or Authority to Provide Types A and B Advanced Electronic Payments and Financial Services (EFPS) as Additional Relief for BSFIs (BSP Memorandum No. M-2020-033dated April 27, 2020)[22] | This issuance waives the charges for “filing, processing, and licensing/registration fees related to the grant of Type A and B EPFS license.” Type A license “applies to BSFIs that can be assessed against the prudential criteria provided under the Policy and Regulations on Licensing” while Type B license applies to those which cannot be assessed.The waiver of fees is applicable to “applications received within six months from 8 March 2020” which “may be extended subject to the approval of the Monetary Board.” |
| Extension of the Temporary Relief Measure on the Transactions withPhilPaSSduring the Enhanced Community Quarantine (ECQ) under the Corona Virus Disease (CoVID-19) Situation, Covering the Period 4 May to 15 May 2020 (BSP Memorandum No. M-2020-035dated April 28, 2020)[23] | This issuance extends the waiver of the waiver of the transaction fees charged for fund transfer instructions made with the Philippine Payment and Settlement System (PhilPaSS) until May 15, 2020. |
| Availability of Digital Financial Services During the Enhanced Community Quarantine (ECQ) Period (BSP Memorandum No. M-2020-030dated April 24, 2020)[24] | This issuance urges BSP-supervised financial institutions (BSFIs) to “ramp up access of existing account holders to mobile/internet banking and other alternative digital channels.” |
| Amendments to the Regulatory Relief for BSFIs Affected by the Corona Virus Disease (COVID-19) (BSP Memorandum No. M-2020-032dated April 27, 2020)[25] | This issuance provides that the "exclusion from the past due and non-performing classification" of loans has been extended from March 8, 2021 to December 31, 2021. |
| Relaxation in the Credit Risk Weight for Loans to MSMEs under the BSP’s Risk-Based Capital Adequacy Frameworks (BSP Memorandum No. M-2020-034dated April 28, 2020)[26] | This issuance allows the “temporary relaxation in the assigned credit risk weight for loans to MSMEs for purposes of computing compliance with BSP’s Risk-Based Capital Adequacy Frameworks.” The Memorandum provides that “[t]he following exposures to MSMEs … shall be assigned a credit risk weight of 50 percent: (a) MSME exposures that meet the criteria of a qualified MSME portfolio, and (b) Current MSME exposures that do not qualify as a highly diversified MSME portfolio.”This issuance will be in effect until December 31, 2021. |
| Amendments to the Risk-Based Capital Adequacy Frameworks for Banks/Quasi-Banks (BSP Circular No. 1084, series of 2020dated April 28, 2020)[27] | This issuance reduces the risk weight of “[l]oans to small farmer and fisherfolk to the extent guaranteed by the Agricultural Guarantee Fund Pool (AGFP)” from 20% to 0%. The issuance also qualifies the status of AGFP as an eligible guarantor only for the period “prior to the transfer of the administration of AGFP to the [Philippine Guarantee Corporation].” |
| Sustainable Finance Framework (BSP Circular No. 1085dated April 29, 2020)[28] | This incorporates a “sustainable finance policy framework” in the Manual of Regulations for Banks which “sets out the expectations of the [BSP] on the integration of sustainability principles, including those covering environmental and social risk areas, in the corporate governance and risk management frameworks as well as in the strategic objectives and operations of banks.”All banks are required to implement a sustainable finance framework within “3 years from the effectivity of [the] Circular.”Branches of foreign banks are allowed to adopt policies of their Head Office which are in line with BSP’s framework. |
| Reminder Against Financial Crimes Amidst COVID-19 Pandemic (BSP Memorandum No. M-2020-036dated April 29, 2020)[29] | This issuance reminds BFSIs to take precautions against “[n]ew forms of money laundering/terrorism financing (ML/TF).” The BSP enumerated the illegal schemes, namely: donation or charity scams, impostor, investment, and product scams, money mules, online sex trafficking and exploitation, and veiled donations for terrorism and terrorism financing. The BSP advised BSFIs “to consider said criminal activities and typologies in their [anti-money laundering/combating the financing of terrorism] controls and compliance processes in order to manage the ML/TF threats and to accordingly report suspicious transactions to the Anti-Money Laundering Council.” |
| Stock Exchange Regulations |
| Philippine Stock Exchange (PSE) | Shortened Trading Hours Extended to May 15, 2020 (PSE Memorandum CN – No. 2020-0042dated April 27, 2020)[30] | This issuance extends the PSE’s shortened trading hours until May 15, 2020. |
| Amendment of Circuit Breaker Rules (PSE Memorandum CN – No. 2020-0044dated April 29, 2020)[31] | Starting May 4, 2020, the PSE will be adopting a “three-phase circuit breaker system.”Trading in the stock market will be temporarily halted for a certain period of time (market halt) in case the PSE composite index falls below certain thresholds: (i) a decrease in the PSEI by at least 10% from its previous closing level will result in a 15 minute market halt, (ii) a decrease by at least 15% will result in a 30 minute market halt, and (iii) a decrease by at least 20% will result in a 60-minute market halt. The market halts shall be implemented “once in a trading day for each [circuit breaker] level.” |
| Shipping |
| Maritime Industry Authority (MARINA) | Guidelines for Seafarers Onboard Ships Operating in Philippine Waters Amid Challenges Caused by COVID 19 Pandemic( MARINA Advisory No. 2020-026dated April 14, 2020) [32] | This provides guidelines for the extension of Seafarer’s Record Book or Seafarers’ Identification Record, the filing of applications with the MARINA “upon lifting of the ECQ and issuance of a return-to-work order,” rescheduling of appointments with the MARINA, and the “conduct of examinations for the Certificate of Marine Profession.” |
| Extension of SIRB/SRB Validity for the Duration of the Enhanced Community Quarantine (ECQ)(MARINA Advisory No. 2020-27dated April 20, 2020)[33] | This grants a provisional extension “of 6 months validity” from the date of expiration of the “Seafarer’s Record Book (SRB) or Seafarer’s Identification and Record Book (SIRB)” for SRBs and SIRBs with expiry dates falling between March 13, 2020 and May 31, 2020.The provisional extension applies “to both domestic and overseas seafarers.” |