The COVID-19 pandemic continues to cause unprecedented disruption in Asia with lockdowns currently in place in Bangladesh and the Lao PDR Meanwhile, various restrictions continue to affect Cambodia, Indonesia, the Philippines, Thailand and Vietnam resulting in continued economic uncertainty and delays in re-opening borders for travel and business purposes. In response, government officials and leading financial institutions across South and Southeast Asia have issued various initiatives, stimulus measures and relief efforts within their respective countries to shore up the hardest hit sectors of their economies and extend support to various industries and vulnerable groups directly affected by the pandemic.
Some of these measures have (among others) included liquidity injections for certain at-risk banks, relaxation on terms and conditions of loan repayments by vulnerable borrowers, refinancing and restructuring arrangements, deferral or postponement of tax payments and extended filing deadlines.
We hope that this publication provides a helpful overview of the key measures, exemptions and initiatives being pursued in efforts to mitigate the effects of the COVID-19 pandemic throughout the region.
The information provided in this email is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
Partner, Co-Head of Regional Restructuring & Insolvency Practice
Thailand Tax Director, Co-Head of Regional Restructuring & Insolvency Practice