Service Advisory: Grace Period Under R.A. 11469

In line with the issuance of the Implementing Rules and Regulations of Section 4(aa) of R.A. No. 11469 otherwise known as the “Bayanihan to Heal as One Act”  last April 1, 2020, we have updated our advisory on the grant of a 30-day grace period (the “Applicable Grace Period”) :

• The collection of all scheduled loan amortization payments of Auto and Housing Loan clients falling due within the ECQ Period from March 17, 2020  to May 15, 2020 will be granted the mandatory grace period.
• During the Applicable Grace Period, any scheduled loan payment of an Auto or Housing Loan client, as the case may be, will be deferred.
• Collection of payment equivalent to 1 month amortization will resume on the next due date immediately following the lapse of the Applicable Grace Period.
• Interest shall be charged on the unpaid portion of the principal only and no additional interest will accrue on the unpaid interest.
• The maturity date of the loan shall correspondingly be extended for a period equivalent to the availed grace period ( the “Availed Grace Period” ).

Learn more about the Implementing Rules and Regulations of the Bayanihan Act.

1. The Applicable Grace Period shall apply to all existing BPI Auto Loan and Housing Loan accounts whose payment due dates fall within the period of March 17, 2020 to May 15, 2020 ( the “ECQ Period”).

2. During the Applicable Grace Period, the collection of the scheduled loan amortization payment of client will be deferred as follows:

a. For amortization payment due dates starting from April 2, 2020 until May 15, 2020, the auto-debit payment arrangement shall be suspended. Should the client desire otherwise, he/she may  reinstate his/her regular payment schedule until May 15, 2020 by reaching out to our Loans Customer Care Unit through SMS or E-mail as follows:

• Via SMS
• Text Loans-CS [space] No Grace Period [space] Full Name [space] Loan Account Number [space] Birthdate and send to (+63) 917-8910000
  
• Via Email
• Use No Grace Period_Loan Account Number as the email subject, provide your Full Name and Birthdate in the email content, and send to retailloanfeedback@bpi.com.ph

b. For amortization payments made for due dates March 17 to April 1, 2020, the client may request for a reversal through SMS or E-mail as follows:

• Via SMS
• Text Loans-CS [space] Refund Payment [space] Full Name [space] Loan Account Number [space] Birthdate and send to (+63) 917-8910000
  
• Via Email

Use Refund Payment_ Loan Account Number as the email subject, provide your Full Name and Birthdate in the email content, and send to retailloanfeedback@bpi.com.ph.

Client is given until May 15, 2020 to contact us for his/her reversal request. Otherwise, the amortization payment collected shall be applied against the client’s loan and the deferment of payment shall thereupon be implemented on the succeeding due date falling within the ECQ Period.

3. After the lapse of the Applicable Grace Period, payment collection of an amount equivalent to 1 month amortization will resume on the next succeeding due date. No penalty fees will be charged. Interest charging on the outstanding principal shall remain in effect but will be waived for the unpaid interest. Thus, no interest on interest will be charged.

4. Where the original amortization payment schedule has been deferred, the original maturity date of the Auto or Housing Loan, as the case may be, shall be extended for a period equivalent to the Availed Grace Period, unless otherwise agreed with the Bank in writing.

Example – Client A    

• Loan Due Date within ECQ: April 16, 2020
• Date when deferred payment takes effect due to the Availed Grace Period: April 16, 2020
• Date when payment collection will resume: May 16, 2020
• Original loan maturity date : January 16, 2023
• New loan maturity date : February 16, 2023

Example – Client B

• Loan Due Date/s within ECQ: April 2, 2020 | May 2, 2020
• Date/s when deferred payment/s take effect due to the Availed Grace Period: April 2, 2020 | May 2, 2020
• Date when payment collection will resume: June 2, 2020
• Original loan maturity date : September 2, 2025
• New loan maturity date : November 2, 2025

5. Despite suspension of the payment collection during the Applicable Grace Period, the unpaid loan principal shall continue to earn interest. To help ease the client’s burden at this time, any remaining amount due in connection with or resulting from the deferment of the loan payment/s following the implementation of the Applicable Grace Period shall be settled and deducted in full upon loan maturity or any extension thereof, if applicable.

6. For Auto and Housing Loan clients who qualify for a longer duration than the Applicable Grace Period and additional debt relief conditions (e.g. Frontliner Assistance Program), a separate advisory shall be released.

Important Notice: Unless otherwise signified to the Bank in writing, by availing of the Applicable Grace Period, the client acknowledges and confirms to have read, understood, and accepted any payment change and/or adjustment made to the relevant Auto Loan or Housing Loan resulting from the deferment of the loan payment for the duration of the Applicable Grace Period.

For inquires and comments, send us a message or call our 24-hour BPI Contact Center at (+632) 889-10000.