Senator Mark Villar on Wednesday filed a resolution seeking to implement a load moratorium and penalty condonation in view of the national state of energy emergency.

In the resolution, Villar urged government-owned or controlled corporations (GOCCs) engaged in lending like the Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG), National Home Mortgage Finance Corp. (NHMFC), and Development Bank of the Philippines (DBP), among other such entities to alleviate the financial burden on borrowers and provide load moratoriums, grace periods, penalty condonations, and other relief measures.

“The Senate of the Philippines strongly urges the Board of Trustees/Directors and Management of concerned GOCCs, in coordination with the Bangko Sentral ng Pilipinas (BSP) and Department of Finance (DOF), to immediately implement (the relief measures),” Villar said.

He recommended the temporary suspension or refund of loan amortizations for at least one to three months on salary, emergency, calamity, housing, and other loans, based on the Government Service Insurance System’s (GSIS) “Balik Ginhawa” program.

The senator added that temporarily suspending or extending mandatory contributions, and possibly applying penalty condonations for employers and members with overdue payments should be considered.

Lastly, Villar also called for the waiving of penalties on overdue loans and contributions, loan restructuring, interest rate reductions, as well as expedited calamity or emergency loan approval issued with grace periods.

The resolution is anchored on Republic Act No. 11469 or the “Bayanihan to Heal as One Act” Sections 4 (aa) and (uu), directing GSIS, SSS, Pag-IBIG Fund, and other financial institutions to grant grace periods on loans without interest on interest, penalties, fees, or other charges, while extending loan maturities and ensuring safeguards for institutional solvency.