MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has approved a sweeping package of temporary relief measures for financial institutions and their customers to mitigate the economic strain caused by the ongoing oil crisis and the declared State of National Energy Emergency.
Under Monetary Board Resolution No. 296, issued on April 8, 2026, the central bank is providing lenders with the flexibility to support borrowers struggling with the surge in living and operational costs.
The BSP’s intervention aims to prevent a spike in nonperforming loans while ensuring that credit remains accessible to critical sectors.
- Payment Deferment: Banks are authorized to grant grace periods of up to six months for loan payments to affected borrowers.
- Agricultural Support: For the agricultural sector, payments may be deferred for as long as one year, depending on the lender’s assessment of the borrower’s situation.
- Asset Classification: To protect bank balance sheets, these restructured loans may be excluded from “past-due” or “nonperforming” classifications for up to one year.
In addition to loan relief, the BSP is strongly urging financial institutions and e-money issuers to waive fees for online banking and digital fund transfers.
- Targeted Services: The central bank is calling for the suspension of charges on InstaPay and PESONet transactions throughout the duration of the energy emergency.
- Goal: By removing transaction fees, the BSP hopes to ease the financial burden on consumers and small businesses who are increasingly relying on digital payments during the crisis.
The measures follow the government’s March 24 declaration of a national energy emergency, triggered by tensions in the Middle East that have seen diesel prices more than double in a matter of weeks.
BSP Governor Eli M. Remolona, Jr. emphasized that these measures are designed to maintain financial stability and support the broader recovery efforts currently being implemented across the transport, food, and energy sectors. The central bank will continue to monitor the situation and may extend or adjust these relief protocols as the economic landscape evolves.