Sunday, Oct 02, 2022

ABP: 60% of the people who have loans have met their payments

ABP: 60% of the people who have loans have met their payments

Chairman of the board of directors of the ABP, Otto Wolfschoon advises people to approach their banks before the moratorium expires.
The president of the board of directors of the Banking Association of Panama ( ABP ), Otto Wolfschoon advanced in Open Debate that they estimate that about 60% of the people who maintained bank loans have fulfilled their commitments despite the crisis that generated the COVID-19 pandemic.

"Around 60% of the portfolios remained complying with what they had normally agreed to, because not all sectors of the economy suffered the same, all suffered, but some more than others and those who suffered less were able to continue making their payments as usual" Wolfschoon said.

Another estimate offered by the banker is that of the 40% of the people who have been affected by the pandemic and have not been able to fulfill their commitments, 75% of the cases have already been resolved.

"What we have been saying that these people should approach the bank, with the will to comply, and that can be sustained," advised the president of the board of directors.

Wolfschoon advised people to approach the banks and inform him of their current situation; adding that what debtors cannot do is out of fear or ignorance of not telling the bank what you are doing.

"Taking a mortgage from a customer is the last resort and is a lousy business," he added.

Regarding the error that a local bank suffered in recent days that froze or zeroed the account of more than 11 thousand clients who had some type of debt or payment arrangement, Wolfschoon pointed out that it was an unfortunate error, but the entity bank proceeded to acknowledge and apologize.

It must be remembered that to access bank flexibility, affected customers must approach their bank before September 30, 2021, to support their financial situation and reach an agreement; and depending on the economic reality of each person after the pandemic, a payment agreement would be reached with the bank and a possible grace period may extend beyond December 31, 2021.

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