Manila, Oct. 28 -- The Bangko Sentral ng Pilipinas (BSP) strengthened its regulatory relief measures to further support banks and borrowers affected by calamities.

For the agriculture sector, the BSP issued Circular No. 1221 which encourages banks to offer borrowers from the sector loan payment deferments of up to 12 months.

Longer deferment periods may also be granted depending on the severity of the calamity's impact.

The BSP said that in both cases, banks' assessment should consider their historical experience, the actual production cycle, crop rehabilitation period, and borrower-specific circumstances, among other factors.

No additional charges will be imposed during the relief period.

The BSP said banks may now grant any borrowe...