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DTI CONCESSIONS ON RESIDENTIAL & COMMERCIAL RENT APRIL 2020

DTI concession on residential commercial rent april 2020

This DTI Memo Circular No. 20-12, entitled “GUIDELINES ON THE CONCESSIONS ON RESIDENTIAL RENTS; COMMERCIAL RENTS OF MSMES” was issued by DTI Secretary Ramon M. Lopez last April 4, 2020.

The memo states that all residential and commercial rent (of MSMEs) shall be given 30-days grace period. MSMEs are required to provide their lessor with a written request for the concession, accompanied by supporting documents.

Under Section 3, subsection 3.3. The minimum 30-days grace period is determined to be the 30 calendar days following the last due date of rent which fell due to the ECQ (that was imposed by the President last last March 17, 2020).

The cumulative amount of rental payments that were due within the ECQ period shall be amortized (paid off gradually) in the 6 months following the end of the ECQ. The rental payments that was due would be added to the rental payments on the succeeding 6 months, WITHOUT interest, penalties, fees and charges.

Any lessor or landlord that violate this memo shall be penalized with imprisonment of not less than 2 months or a fine of not less than ₱10,000 or both, at the discretion of the court.

Although this memo is a little late in the game, it’s still better late than never having it. This would tremendously help alleviate the financial pain that the COVID19 pandemic had inflicted to the Philippine populace.

For the tenants: Come and show this memo to your landlord today.

For the landlords: This memo would take a bite out of your income but please do understand that everyone is affected. Even without resorting to the threat of the Penal Clause of this memo, we hope you allow your tenant this little help. Once the ECQ has been lifted, they would still be your tenant and they would love your for this.

DTI concession on residential commercial rent april 2020

DTI concession on residential commercial rent april 2020

DTI concession on residential commercial rent april 2020

DTI concession on residential commercial rent april 2020

DTI concession on residential commercial rent april 2020

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