Bank South Pacific (BSP) is monitoring the evolving nature of COVID-19 and is arranging relief packages to assist customers during this period.
BSP Group CEO Robin Fleming said BSP is working closely with the Central Bank and other authorities both within Papua New Guinea and in all the countries in which BSP operates.
"Fundamental to our planning is also being able to support our customers and as the leading bank in the South Pacific, we know we have a responsibility to help people in our communities and around the Pacific, "added Mr Fleming.
BSP Samoa Country Head Maryann Lameko-Vaai said that, "Given the implications of travel restrictions imposed by various governments, it is clear this will have an impact on some of BSP's customers".
Mrs Lameko-Vaai advises any business financially impacted by the effects of the COVID-19 should contact their BSP Relationship Manager to access the assistance on offer.
To assist BSP customers impacted by COVID-19, BSP Samoa will be providing the following relief packages for its customers:
- Business - 3 months interest only for all sectors. This has already been effectively applied to all eligible business customers;
- Personal loans - 3 months repayment suspension only if reduced hours or loss of employment;
- Home Loans - 3 months P&I repayment holiday on a case by case basis due to loss of employment;
Maturity terms relating to repayment holidays will be extended by a commensurate term of the suspended repayment period.
All Business customers should speak to their Relationship Manager in the first instance.
All Home Loan and Personal Loan customers should contact their closest BSP branch or call the customer helplines on +685 66100.
BSP is calling on all its customers to practise social distancing by standing a meter or more away from another person or persons when standing in the bank line or better, stay at home and make use of all digital banking platforms available.
BSPs' Digital banking platforms include Personal Internet Banking which customers can access their accounts in the comfort of their homes.
The bank also encourages the use of other digital banking options such as using your Pacific and Visa Debit Cards instead of handling cash.
BSP will continue to monitor the situation and provide further updates in due course.