Directives on the processing of remittances for the month of June 2020

Directives on the processing of remittances for the month of June 2020

Directives on the processing of remittances for the month of June 2020

Update from Usec. Sevilla, Subject entitle Directives on the processing of remittances for the month of June 2020, continue reading below to know more.

1. This is to furnish you with a copy of the Bangko Sentral ng Pilipinas (BSP) Memorandum No. M-2020-045 entitled “Frequently Asked Questions (FAQ) IV on the Implementing Rules and Regulations (IRR) of Section 4(aa) of Republic Act No. 11469, Otherwise Known as the “Bayanihan to Heal as One Act” (Bayanihan Act).

2. Particular attention is invited to BSP’s response to question number 1, to wit:

“How will the classification of the National Capital Region (NCR) under General Community Quarantine (GCQ) and certain parts of the country under Enhanced Community Quarantine (ECQ)/Modified ECQ effective 1 June 2020 affect the application of the mandatory grace period provided under the Bayanihan Act?

• The 30-day mandatory grace period under the Bayanihan Act shall no longer apply effective 01 June 2020, pursuant to the declaration of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) under its Resolution No. 40, dated 27 May 2020, which already places a majority of provinces and cities under GCQ or Modified GCQ (MGCQ).

Therefore, all loan payments with principal and interest falling due from 01 June 2020 onwards shall be due and demandable.

The termination of the grant of the 30-day grace period for the payment of loans with maturity dates on or subsequent to 01 June 2020 is premised on the lifting of the restrictions on economic activities in majority of the provinces and cities in the country. With the lifting of ECQ in majority of the provinces and cities, the condition for the grant of the 30-day grace period under Sec. 4(aa) of Republic Act No. 11469 is no longer present.”

3. Latest update is that except for Cebu City and Talisay City that have been placed under ECQ and MECQ, respectively, the other areas of the country are either declared as GCQ or MGCQ. For this reason, the Department will remit the deduction of loan amortizations to concerned DepEd personnel for this payroll month, unless signified by the concerned GFIs and/or PLIs to extend the moratorium this month of June 2020.

4. To date, only the DepEd Provident Fund, Government Service Insurance System (GSIS)1, Bataan Public School Teachers and Employees Association, Inc. (BPSTEAI) in Region III, and Banco Maximo, Inc. (A Rural Bank) [BMIARB] in Cebu Province, Region VII, have signified intention to extend their moratorium for the month of June 2020. Except for GSIS, the stoppage of deductions for the three (3) lenders was already effected in the payroll for June 2020.

5. In view of this development, processors of remittances at the central, regional and schools division offices, as well as IU secondary schools, are hereby instructed and reminded to:

6.a. Process all remittances on loan for June 2020 payroll, and remit the same to the concerned entities, except for loan deductions made, if any, due to GSIS, Provident Fund, BPSTEAI and BMIARB.
b. Refund to the concerned DepEd personnel all loan amortizations deducted from their June 2020 salaries due to GSIS, Provident Fund, BPSTEAI and BMIARB, if any, and extend their corresponding termination dates for another one (1) month. The special pay slip for this purpose must include the following messages:

REMINDERS:
1. The loan payment/s is/are refunded in accordance with the declaration by the GSIS. Termination period of said loan/s has/have been correspondingly extended by one month.
2. If with GSIS past due loans, please pay the amortization over-the-counter at their nearest branch office on or before July 10, 2020, to avoid penalties and accrued interests.
c. Coordinate with the SDD-ICTS for the necessary adjustment in the payroll program, if any. For immediate dissemination and compliance. Thank you.

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