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QC allows banks, pawnshops, remittance centers to operate amid ECQ

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The Quezon City government has allowed establishments providing microfinancing, loans or credit to residents to operate amid the enhanced community quarantine (ECQ) due to the coronavirus disease 2019 (COVID-19).

In Executive Order 29, Mayor Joy Belmonte stressed that the city government is duty-bound to ensure the availability of sources of loans and credit to the poor and marginalized, during the ECQ.

“Entities that are duly regulated by governmental authorities to offer loans and credit will be allowed to operate so they can provide assistance to our citizens in need,” said Belmonte.

“We believe that this addresses a gap in the rules, which is sorely needed by our less fortunate residents, and we hope the national government feels the same way. The EO is pro-poor and gives the poor access to loans that they can’t avail from common banks,” she added.

Covered by the order are financial institutions supervised by the Bangko Sentral ng Pilipinas (BSP), such as banks, non-stock savings and loans associations, money exchange/remittance companies, e-money issuers, payment system operators and pawnshops.

Financial service cooperatives, credit cooperatives and multi-purpose cooperatives that provide savings and credit to their members, as regulated by the Cooperative Development Authority (CDA) will also be allowed to operate.

Other establishments, duly regulated by governmental authority, providing micro-financing, loans and other forms of credit to unemployed or low-income individuals are also exempted from the ECQ.

Employees of establishments providing loans and credit are required to observe social distancing, wear face masks and practice proper hygiene. They should also carry their valid identification card duly issued by their companies for validation purposes by law enforcers.