For the first time since it has had a presence in the Philipines, Citibank (NYSE:C) has declared a 30-day payment holiday for it Citibank Savings personal loan borrowers, as well as those holding credit cards with the bank who live in the Philippines.
This was in response to Tropical Storm “Ondoy,” which has wreaked havoc in the country, disrupting the lives of many people in the region, especially highly populated urban areas like Manila.
The central bank in the country, the Bangko Sentral ng Pilipinas, asked the banks in the country to ensure that services for banking customers continued and that citizens in the region could continue to have access to their funds as they needed them in the difficult times.
For those banks that themselves have been affected by the storm, they’ll help customers by guiding them to the nearest branches so people can continue to do their banking uninterrupted.
As for Citibank, while this is the first time they’ve had to declare a 30-day payment holiday in the Philippines, they have done that before in countries like Australia and Indonesia to help those adversely affected by natural disasters like the tropical storm Ondoy.
For the Philippine credit card customers of Citibank, those who have payments that are due from September 26 to October 25, they’re being given another 30 days to take care of their bills.
Other banks in the Philippines are also reportedly offering help in the form waiving a variety of fees and the restructuring of loans until the crisis passes.
