On Monday, Governor Ralph DLG. Torres wrote letters to all CNMI banks respectfully requesting them to consider providing a three-month grace period for all loans, mortgages, promissory notes, and other monetary obligations owed from residents on Saipan, Tinian, and Rota during this economic downturn as a result of the unanticipated impact of the Novel Coronavirus outbreak, which has affected the global economy and CNMI tourism.
In his letter to the banks, Governor Torres said the deferments would provide residents with the peace of mind during these challenging economic times.
“The grace period would provide our residents, your customers, a prolonged state of financial stability—free from the worry and anxiety of being able to make their payments. This gesture would grant them with the opportunity to make adjustments and plan appropriately to these unanticipated [economic] effects. Moreover, our residents and your customers will then be able to earn the money to repay their obligations,” said Governor Torres.
He noted that the banks will contribute significantly to the rebuilding of the Commonwealth and our economy while avoiding the disruption of foreclosures and collection actions.
“We value our islands’ banks as strong partners during good and bad economic conditions. They have played a critical role when Super Typhoon Yutu devastated our islands, and they were proactive in relieving the financial burdens of our residents. Their generous acts for our community go a long way, because we want to make sure our residents are taken cared of during these hard times,” Governor Torres added.