30-day grace period for residential, commercial rent payment imposed by DTI
DTI (Department of Trade and Industry) will impose a 30-day grace period for residential and commercial rent payment for small businesses due to COVID-19 pandemic crisis. The said grace period will be counted from the last due date that falls within ECQ (Enhance Community Quarantine).
This grace period is aimed to “provide economic relief to Filipinos and MSMEs during the COVID-19 public health emergency” as what the Trade Secretary Ramon Lopez said.
The cumulative amount of rents that need to be paid within the ECQ must be amortized equally in the six months following the end of the said period. (Inquirerr.net)
Lessors are not obligated to refund paid residential and commercial rents during the ECQ, however, they must grant a minimum of a 30-day grace period from the next due date of residential and commercial rents without interests and other penalties as well. (Inquirer.net)
Visit www.dti.gov.ph to learn more