COVID 30-Day Grace Period
COVID 30-Day Grace Period: Frequently Asked Questions

To help ease the burden brought on by the COVID-19 situation, we are offering a 30-day grace period on our clients’ financial obligations with BPI.  For more info for each product, please refer to details below.

I. Cards
I. Cards

Covered Areas

Residing/working in areas declared under Enhanced Community Quarantine


Covered Period

March 16 to April 15, 2020


Credit Card Relief Option

The 30-day Grace Period Payment OPTION is up to 30 days from Mar 16 to Apr 15, 2020, subject to an extension on a case-to-case basis for situations such as but not limited to the following:


1. Self-employed customers whose source of livelihood has been significantly affected and would require longer recovery period;

2. Unemployed due to retrenchment in highly impacted industries such as tourism – airlines, resorts, etc.

3. For clients who pay only the minimum due, forego late charges

4. For clients who pay their dues in full (consistent for the past 6 months), forego late and finance charges


Frequently Asked Questions

What is the 30-day grace period payment option for BPI Credit Cardholders?

It is a grace period payment option that allows select BPI Credit Cardholders to defer this month’s payment without late charges. Coverage will be cardholders whose payment due dates are from March 16 to April 15, 2020, subject to extension, upon government declaration of the quarantine period.

Who are qualified for this program?

BPI Credit Cardholders residing/working in areas declared under Enhanced Community Quarantine (list to be provided) and with credit card accounts whose status are updated or current.

What is the period coverage of the 30-day grace period payment option?

BPI Credit Cardholders whose payment due dates falls from March 16 to April 15, 2020, subject to extension, upon government declaration of the quarantine period.

How can I avail of the program?

Based on the defined criteria, qualified cardholders may defer payment for their credit card due from March 16 to April 15, 2020, subject to extension, upon government declaration of the quarantine period, without late charges. The payment due date will be automatically extended to the next due date.

Cardholders may check the next statement of account (SOA) for the updated outstanding balance. The SOA may be viewed through any of our digital channels, via BPI Online or BPI Mobile app.

I still cannot pay even with a 30-day grace period payment option. Is there any other payment option which I can avail of to settle my credit card due?

The offer is for a 30-day payment extension. Should you wish to further extend this beyond 30 days, we will evaluate your request.

Are Finance Charges (FC)/Late Payment Charges (LPC) waived?

- For clients who pay only the minimum due, only LPC will be automatically waived. Requests to reverse FC may be evaluated.

- For clients who pay their dues in full (consistent for the past 6 months), both FC/LPC can be waived.

II. Cards-Corporate
II. Cards-Corporate

Frequently Asked Questions

What is the 30-day grace period payment option in view of the COVID-19 situation?

This is an option that allows BPI Corporate Credit Card customers whose registered business address is located in the affected areas to skip this month’s payment for credit card dues without late charges.

The payment due date will be automatically extended to the next due date.

Affected companies may check the statement of account (SOA) after <April cut-off> for the updated outstanding balance.

Under this option, how many months is the extension to pay?

For now, this option is set for 1 month only from March 16 to April 15, 2020, subject to extension, upon government declaration of the quarantine period.

But I still cannot pay for my dues next month. Can you extend further?

The offer is for 30-day payment extension. Should you wish to further extend this beyond 30 days, we will evaluate your request.

Are Finance charges (FC)/Late Payment Charges (LPC) waived?

- For clients who pay only the minimum due, only LPC will be automatically waived. Requests to reverse FC may be evaluated.

- For clients who pay their dues in full (consistent for the past 6 months), both FC/LPC can be waived.

I still can’t settle my dues with the 1-month payment option. Is there any other payment option which I can avail of to settle my credit card due?

The offer is for 30-day payment extension.  Should you wish to further extend this beyond 30 days, we will evaluate your request.

III. Personal Loans
III. Personal Loans

Covered Areas

Residing/working in areas declared under Enhanced Community Quarantine        


Personal Loan 30 Day Grace Period Option

The 30-day grace period payment option is up to 30 days from Mar 16 to Apr 15, 2020 subject to an extension on a case-to-case basis for situations such as, but not limited to, the following:


1. Self-employed customers whose source of livelihood has been significantly affected and would require longer recovery period;

2. Unemployed due to retrenchment in highly impacted industries such as tourism – airlines, resorts, etc.

  • Payment Holiday for one (1) month,
  • Waiver of late charges, double next month's amortization


Frequently Asked Questions

What is the 30-day grace period payment option of the COVID-19 situation for BPI Personal Loan Clients?

In view of the COVID-19 situation, we are allowing BPI Personal Loan clients to skip the funding of their settlement accounts for payment of the current month’s amortization without incurring late charges.

As a result, the 30-day grace period payment option for the current month will be moved to next month’s due date. This is on top of your amortization due for the next month.

Sample Illustration:

Regular Monthly Amortization
March 2020 = Php 500.00
April 2020 = Php 500.00

Monthly Amortization with the Payment Option
March 2020 = Php 0.00
April 2020 = Php 1,000*

*includes deferred March amortization plus April amortization.

Who are qualified to avail of this option?

BPI Personal Loan clients residing/working in areas declared under Enhanced Community Quarantine and whose account status is updated or current.

What is the period coverage for this option?

BPI Personal Loan Clients whose payment due date falls from March 16 to April 15, 2020, subject to extension, upon government declaration of the quarantine period.

How can I avail of this option?

Based on the defined criteria, qualified clients may delay funding their settlement account for Auto Debit Arrangement (ADA) purposes from March 16 to April 15, 2020, subject to extension, upon government declaration of the quarantine period, without late charges.

Clients must ensure that they will fund their settlement account for the next month’s due to cover 2 months’ worth of amortizations. (Please see illustration at item no 1.)

If I avail of this option, will it affect my Promissory Note (PN)?

Availing of this option will not affect the existing PN. Hence, clients don’t need to call nor visit the branch.

What if my account has been debited, can I still avail of this option?

Yes, we can process the reversal upon client request.

I still can’t settle my dues with the 1-month payment option. Is there any other payment option which I can avail of to settle my personal loan due?

For now, the 30-day grace period payment option payment is set for 1 month only, from payment due dates falling on March 16 to April 15, 2020, subject to extension, upon government declaration of the quarantine period.

The offer is for a 30-day payment extension. Should you wish to further extend this beyond 30 days, we will refer your request for evaluation.

IV. Auto and Housing Loans
IV. Auto and Housing Loans

Covered Areas

Nationwide


Covered Period

Auto Loan and Housing Loan clients whose payment due dates are from March 14 to April 13, 2020


Terms and Conditions

1. The regular auto-debit schedule of each loan account will remain in effect on payment due date.

2. If unsuccessful, late payment charges will be automatically waived. Loan payment must be made within the 30-day grace period (30 calendar days, starting from the original payment due date). Interest computation will be based on the outstanding balance for the month, until amortization payment resumes on the next due date following the grace period.

3. On the due date following the grace period, two (2) months’ worth of amortization, including interest that had accrued over the course of the grace period, will be the outstanding amount due.

4. The waiver of late payment charges will only apply to accounts in good credit standing.


Frequently Asked Questions

What is the 30-day grace period?

In light of the country’s COVID-19 situation, we are granting a waiver of penalty charges for affected clients who are unable to meet the payment due dates for their Auto Loan and Housing Loan. The grace period is 30 calendar days, starting from the original payment due date.

What will happen to my Auto / Housing Loan during the grace period?

The regular auto-debit schedule of your Auto / Housing Loan account will remain in effect on your payment due date. If the auto-debit is unsuccessful, late payment charges will be automatically waived for the qualified clients.

Who are qualified for the 30-day grace period?

Auto Loan and Housing Loan clients whose payment due dates are within the community quarantine period (March 14 to April 13, 2020) are covered under the program. The loan accounts should also be in good credit standing as of March 13,2020.

If I am part of the affected loan clients with unsuccessful loan payment, what will happen to my Auto/Housing Loan after the grace period?

If no payment was made within the 30-day grace period, two (2) months’ worth of amortization will be the outstanding amount due, which will be debited on the due date after the grace period.

My loan payment was already debited last March 13. Can I request for payment reversal since my due date is within the grace period?

We will need more information so we can assist you better. Kindly contact our Loans Customer Service at 889-10000 option 440 to discuss.

I don’t think I can meet my loan payment even after the grace period, due to unforeseen circumstances caused by the COVID lockdown. What should I do?

We will need more information so we can assist you better. Kindly contact our Loans Customer Service at 889-10000 option 440 to discuss

How do I know the outstanding balance due by the end of the grace period?

You may visit online.bpi.com.ph, log on to your Mobile App, or call 889-10000 option 440.

V. Banko NegosyoKo
V. Banko NegosyoKo

Covered Areas

Residing/working in areas declared under Enhanced Community Quarantine


Covered Period

March 16 to April 15, 2020
*possible extension will be for evaluation


Qualifier for the program

NegosyoKo Loan Clients of BanKo branches and branch-lite units in Luzon and other areas covered by State of Calamity under Enhanced Community Quarantine and whose accounts are in current status or within curing period.


Terms and Conditions of the program

1. Clients whose payments are due between March 16, 2020, to April 15, 2020, are given a 30-day grace period payment option benefit. This means clients can pay their next installment amount after 30 days with a one-time waiver of late payment charges.

2. The term of the loan is extended by 30 days.

3. For the duration of the loan grace period, the loan will continue to incur monthly interest based on the outstanding loan balance.

4. Possible extension will be subjected to further evaluation.

Will the term of my contract / loan agreement be revised?

The availment letter will be an addendum to the existing Promissory Note to reflect the extended term.

What will happen if I fail to settle my installment due after April 15?

The grace period is valid for 30 days only.  To avoid late payment penalties, please settle your installment on your due date after the grace period.

Internal guideline: On a case-to-case basis, if there is reason to believe that business will recover but will take more than one month, the 30-day grace period can be extended up to 2 months.

Who do I need to contact if I have inquiries?

You may call or visit your BanKoMare or BanKoPare or see them in the branch.  You may also call our Customer Care Hotline numbers 0917-8202257 / 0917-8149305/ 0917-8146306 / 0917-8202418 / 09178458149, Mondays to Friday, 8:30am – 5:30pm.

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