Similar to the debt relief granted to victims of Tropical Storm Ondoy in 2009, Citibank is offering a 30-day payment holiday to credit card holders and personal loan borrowers victimized by the recent floods.
In a statement on Thursday, Citi announced that credit cardholders of Citibank and Citibank Savings as well as Citibank Savings personal loan customers affected by the flooding may ask for a relief of 30 days to settle their outstanding balances.
To avail, clients are advised to call the 24-hour CitiPhone at 995-9999. Qualified cardholders and personal loan customers will be entitled to extra 30 days to settle their outstanding balance from their most recent payment due date. Late payment charges will be waived, but interest charges will accrue on the balance.
Citi country officer Sanjiv Vohra explained that this move was intended to ensure continued access to credit for their impacted customers. "This is one way we can provide assistance to our customers, following the devastation wrought by the southwest monsoon. We have been monitoring closely the situation and understand that some will need time to recover and rebuild. This program will give them time to settle their card bill or loan account as well as enjoy continued access to credit, which should be very useful to them in their current situation."
This is the second time for Citi in the Philippines to declare a payment holiday. The first time was during Typhoon Ondoy, when Metro Manila was also brought to a standstill, with many areas inundated by floods and homes destroyed. At that time, Citi's payment holiday was extended to targeted areas hardest hit by Typhoon Ondoy.
"This time, we wanted to cast a wider net, and ensure that we make assistance available to all persons who need it. We invite our clients to contact us should they wish to avail of this special arrangement," Vohra said.
Citi also teamed up with Philippine Red Cross (PRC), naming the latter as one of the charity beneficiaries in its rewards program. Citi cardholders may use their rewards points to make a cash donation to PRC. Every 1,000 rewards points will be equivalent to a P100 donation. Cardholders can also donate via Citi Mobile Payments toward ABS-CBN Foundation Sagip Kapamilya.
Source : Business
