House sends to the Senate 90-day loan payment suspension for flood victims in Philippines

MANILA, Philippines - The House of Representatives has approved on final reading House Joint Resolution Number 47 mandating a 90-day suspension of loan payments and condonation of interests and penalties on loans of victims of Typhoon Ketsana and expressed hope that the Senate will also act swiftly to ensure the immediate effect of the measure.

"Under House Joint Resolution Number 47, we are likewise urging other financial institutions from the private sector to do the same as a form of financial and economic relief for our people. I hope we can implement this immediately," House Speaker Prospero Nograles said on Tuesday.

As many parts of Luzon try to recover from the devastation of typhoon Ketsana, with many parts of northern Luzon still reeling from the fury of another storm Parma, the people needs all the necessary assistance and relief available, the Speaker said.

"Giving our people at least three months reprieve could be a great relief as the victims try to recover from the devastation inflicted by the floods that wrecked houses, public and private infrastructures, agriculture and businesses," he added.

Nograles lauded the bi-partisan concern and efforts of the members of the House led by principal authors led by Representative Darlene Custodio, Majority Floor Leader Arthur Defensor, Minority Leader Ronaldo Zamora and senior assistant majority leader Neptali Gonzales.

The authors said that the relief mechanism being espoused by the government in the form of calamity fund releases and loans may not be enough, considering that emotional, social and economic recovery proves to be difficult, especially if it concerns sudden loss of lives and dwellings.

The joint resolution mandates "all government financial institutions such as the Government Service Insurance System, Social Security System and Pagtutulungan – Ikaw, Bangko, Industriya at Gobyerno or Pag-Ibig to immediately effect suspension for at least ninety days (90) of loan payments and condonation of interests and penalties thereat of the borrowers who are victims of typhoon Ketsana as a form of financial and economic relief, and urging other financial institutions from the private sector to do the same."

Other principal authors of House Joint Resolution Number 47 are Assistant majority leader Del de Guzman, Representatives Jesus Crispin Remulla, Juan Edgardo Angara, Albert Garcia, Rene Velarde, Anna York Bondoc, Janette Garin, Vincent Crisologo, Oscar Malapitan, Victor Aguedo Agbayani, Roman Romulo, Marc Douglas Cagas, Adam Relson Jala, Antonio Diaz, Roilo Golez, Satur Ocampo, Ferdinand Marcos, Jr., Rufus Rodriguez, Didagen Dilangalen, Ana Theresia Hontiveros, Liza Maza, Mar-Len Abigail Binay and Herminia Ramiro.

"We will immediately send the joint measure to the Senate for its appropriate action. We will continue to seek other forms of relief and help our people and our economy recover," Nograles said. (Gil Bugaoisan)