Wazzup Pilipinas!
Coronavirus is still a thorn in the flesh, and its effects are being felt globally. Moreover, scientists are uncertain of the cell life of the virus. Every day there is a discovery about the virus mutating which makes it hard to come up with an antivirus. Though there are researches being conducted none has proven to be effective. Hence getting an anti-virus will take longer than expected. However, life needs to continue even amid the pandemic.
Your business needs to grow, and future investments made. For this reason, governments are relaxing their mitigation measures to give the economy a chance to recover. Some states have even introduced new laws to help in cushioning their citizens.
In the Philippines, the House of Representatives and the senate introduced the Bayanihan Act RA No. 11469. Therefore, various banks are expected to follow the new law and other regulations to ensure the borrower and the lender are safe. Therefore, we're going to discuss how Cebu Bank is coping with the new regulations to guarantee its consumers' safety.
The Bayanihan Act RA No.11469
The Act was introduced to protect the borrowers from being exploited during the pandemic by the financial institutions. The law requires the lenders to give a grace period or extension to borrowers on all outstanding loans. The extension granted shouldn't be less than 30 days. That's not all; the law also states there shouldn't be any additional interest, charges or penalties attached to the low interest online loans. Additionally, the Bayanihan Act has also been enforced to keep Filipinos safe from Covid-19.
According to the new law, institutions are supposed to follow certain parameters before opening their doors. This is what prevents the spread of the virus and keeps the infections in check. Hence, Cebu Bankers Club (CBC) adheres to the new law, which guarantees you get the financial help needed and still keep safe amid the pandemic.
About Cebu Bankers Club
The club is made up of various firms that share a common interest. It includes universal, commercial, savings and thrift banks. The club is located in Cebu province, which is one of the largest provinces in the Philippines.
Over the years, the club has worked to ensure the community receives the best financial services. For this reason, the club has focused on SMEs to ensure the group grows and lifts the country's economy. This, in turn, increase the rate of employment.
However, when Covid-19 struck, things began to change, and banks needed to adapt. The huge drop in the number of transactions was a sign that things would not be as normal. For the institutions to survive during the pandemic, they had to be strategic.
This is why the Cebu Bankers Club (CBC) came with a resolution on March 24th, 2020. The club advised the institutions in Cebu to shorten the banking hours. However, this is just one of the measures taken to keep employees and consumers safe.
In the section below, we will break down how Cebu Banks have managed to remain safe from Covid-19.
Cebu banks remain safe from Covid-19
The banker's club on Friday 18th, 2020, after long negotiations, assured the public that banks in the region are safe form Coronavirus. The report was given after the club was certain its members have adhered to the health protocols. Hence, banking services would resume but within the parameters given.
According to Romeo Comabig, the CBC president, the banks have put in place various health measures to contain the spread of the virus within the banking halls. He continued to breakdown the measures and explained them vividly to give consumers a better understanding of how the protocols work. In his report, the president said the clients and bank personnel must have face masks and face shields when inside the bank. At the same time, the body temperatures of every person should be checked before entering the branch. That's not all. A logbook is placed at the entrance where the names of the people who come in are recorded. The purpose of this is to help with contact tracing if need be. Additionally, the institutions are also expected to have alcohol and hand sanitizers at the entrance and specific lobby locations. This makes it easier for one to access the sanitizers without crowding on one access point.
Romeo further stated clients need to avail online banking services to cater to their consumers. The measure won't only reduce the risk of spreading the virus but also make it easier and convenient for them to offer their services. He also stated banks need to install transparent plastic or acrylic barriers, which will separate bank personnel and clients. Apart from the barriers, they're also required to limit the number of clients allowed into the banking halls. This helps to keep social distance, which prevents the spread of the virus.
The president continued to say the staff need to follow certain parameters. The banks are expected to observe staggered lunch breaks and no communal foods are to be allowed into the facility. Additionally, the bank personnel must remain in the facility and not cross over to other branches to avoid spreading the virus. However, if a branch has been compromised, the facility must be locked down and undergo thorough disinfection. When it comes to the exposed personnel, they're to be tested immediately and placed under self-quarantine.
Comabig further assured the public that when a branch opens its doors, the health protocols are already in place to ensure your safety. However, certain branches have reported positive cases, and the president assured the masses the bank managers had taken the required action.
The bank managers have locked their facilities down to disinfect them for several days, as stated by the health ministry. This is a measure to keep the rate of infections in check as their clients continue to access their services.
Advantages of online services during a pandemic
The pandemic has forced many businesses to take multiple precautions. The safest way to work now is online. If you can get a service online, use this method to keep you healthy. For example, you can even get a quick loan online. You don't have to go to the bank and stand in line with gloves and a mask. It refers to platforms that offer financial aid to individuals through the internet either by using a Smartphone or laptop. The online lenders are legit and will need detailed information about you.
Hence, one will be expected to upload relevant documents which will be accessed to see if you qualify for the loan. If the information given doesn't meet the lender's parameters, then your loan request won't be approved.
Once your loan request is approved the cash will be sent to your count within a few hours. Additionally, the interest rates are favorable and the loan tenure is pocket friendly. However, not all platforms are legit, therefore, do thorough research before subscribing to their services.
In the Philippines, online loans in 24 hours are provided by http://robocash.ph/. It's one of the online lending platforms that provide Filipinos with short-term loans. The firm is legit and has been listed under the SEC. This proves your interest is protected, and the firm cannot go against it.
When it comes to the loan tenure, one can opt for 7-30 days depending on the loan applied for. The interest rate is affordable and ideal for you as a lender. For new clients, the first loan can be obtained without interest at all. For subsequent loans the rate will be 1.5% per day, which is lower than the normal market rate.
The RoboCash company has many advantages. For example, you don't need collateral for the loan. Documentation is minimal, and your loan application is approved within 15 minutes. The funds are sent directly in cash or by card. And RoboCash also provides you with a service 24 hours a day, 7 days a week.And most importantly, the loan can be obtained online, you do not need to go out of the house and put yourself at risk. In the current situation it is very important.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
