Bayanihan to Recover as One Act

Credit Cards

Credit Cards


The Bayanihan to Recover As One Act (RA11494) covers the payment extension of BPI and BPI Family Credit Cards nationwide. This covers current accounts. It grants customers a one-time 60-day grace period and a waiver of late payment fees and interest on interest.


Covered Areas

Nationwide


Covered Period

The one-time 60-day grace period shall cover Statements of Account with due dates falling within the period of September 15, 2020 to October 19, 2020.


Frequently Asked Questions

What is the Bayanihan to Recover As One Act?

Bayanihan to Recover as One Act (Bayanihan 2), designated as Republic Act No 11494, is a Philippine law granting the President additional authority to combat the COVID-19 pandemic in the country. The law grants customers a one-time 60-day grace period for all loans with principal and/or interest falling due during the covered period. It also relieves customers of late payment fees and interest on interest.

Who are covered in the Bayanihan to Recover As One Act?

BPI Credit Cardholders, including BPI Corporate Cardholders, and BPI Family Credit Cardholders nationwide whose account status is updated/current as of September 15, 2020 may choose to avail of the 60-day grace period.

Cardholders whose account status is past due are not covered under this program.

How can I avail of the 60-day grace period?

To avail of the 60-day grace period, you need not pay for your credit card bill on your scheduled due date until after 60 days from your Statement of Account within the covered period.

What is the covered period?

The one-time 60-day grace period shall cover Statements of Account with payment due dates falling within the period of September 15, 2020 to October 19, 2020. Once the 60-day grace period has ended, payment due dates in November and December will resume as scheduled.

Can I still settle my credit card bill and not avail of the 60-day grace period?

You may continue to pay for your credit card bill as scheduled through our available payment channels. In this case, no adjustments or waivers would need to be made to your account.

What does the one-time 60-day grace period mean?

The one-time 60-day grace period means you may opt not to pay the amount in your first Statement of Account (SOA) due within the covered period until after 60 days.

Illustration 1

Customer receives SOA with due date on September 17
Minimum Amount Due: Php 3,000 - Customer does not have to pay

Customer receives SOA with due date on October 19
Minimum Amount Due: Php 3,300 - Customer does not have to pay

Customer receives SOA with due date on November 17
Minimum Amount Due: Php 3,600 - This is the amount that customer has to pay as 60-day grace period has already ended.

Illustration 2

Customer receives SOA with due date on October 12
Minimum Amount Due: Php 3,000 - Customer does not have to pay

Customer receives SOA with due date on November 9
Minimum Amount Due: Php 3,300 - Customer does not have to pay

Customer receives SOA with due date on December 8
Minimum Amount Due: Php 3,600 - This is the amount that customer has to pay as the 60-day grace period has already ended.

What are the fees waived under the Bayanihan to Recover As One Act?

For customers who have been paying the Minimum Amount Due or less than the Total Amount due prior to the covered period:

• Late Payment Charges - Waived
• Interest on Interest - Waived
• Finance Charges - Not waived

For customers who have paid the Total Amount Due in full as stated in their Statements of Account falling due from August 17 to September 14.

• Late Payment Charges - Waived
• Interest on Interest - Waived
• Finance Charges - Waived

A waiver of these fees will be reflected in your Statement of Account. To familiarize yourself with the corresponding entries to expect, check here.

Will I still incur finance charges during the 60-day grace period?

If you are unable to pay for your credit card bill during the 60-day grace period, finance charges will still continue to apply. Under the Bayanihan 2 Act, only interest on interest will be waived.

Finance charges may be waived, depending on your prior payment history as detailed in the next FAQ.

What does interest on interest mean?

For customers who have been paying the Minimum Amount Due or less than the Total Amount due prior to the covered period, interest on interest is computed as your previous Statement’s Minimum Amount Due Less Installment Amortization x Monthly Finance Charge. This does not entail a full waiver of finance charges.

For customers who have paid the Total Amount Due in full as stated in their Statement of Account with payment due date from August 17 to September 14, finance charges will be waived.

I am seeing a lot of entries in my Statement of Account that I’m unfamiliar with. What do these entries mean?

We have prepared sample illustrations to help you understand the various adjustments and entries to be posted to your Statement of Account due to the Bayanihan to Recover As One Act. You may view our guide here.

I just received my latest Statement of Account this October. Why am I being charged for late payment fees and other fees?

The Bayanihan to Recover As One Act was passed into law on September 15, 2020, while the Implementing Rules and Regulations and FAQs with regard to Memorandum No. M-2020-074 were issued by the Bangko Sentral ng Pilipinas on September 28, 2020. As such, late payment fees and interest on interest have automatically been reflected in your Statement of Account for the month of October. Rest assured that we will be waiving these fees, as applicable, in your November Statement of Account.

Will my Annual Membership Fee be waived?

No, we will not be waiving your Annual Membership Fee under the Bayanihan 2 Program.

What will happen to my Automatic Debit Arrangement (ADA)?

If you have an existing automatic debit arrangement, we will continue to debit your account as scheduled, unless advised otherwise. Please expect an email/SMS from us for further details on how to temporarily suspend your automatic debit arrangement.

If I availed of the 60-day grace period and I’m still unable to pay in full after, what are the available payment options for me?

In addition to the 60-day grace period, you may also avail of an installment plan as a payment option.

2-Month 0% Installment Plan
- For customers who have been paying the Minimum Amount Due or less than the Total Amount Due prior to September 15: you may settle your unpaid Minimum Amount Due on a 2-month installment plan after the 60-day grace period.

- For customers who have paid the Total Amount Due in full as stated in their Statement of Account falling due from August 17 to September 14: you may settle your unpaid Total Outstanding Balance on a 2-month installment plan after the 60-day grace period.

Minimum amount required for Installment is Php 850.

Extended Installment Plan
An email/SMS will be sent to qualified BPI Credit Cardholders regarding other installment options with instructions on how to avail.

Who may I contact for concerns regarding the Bayanihan to Recover as One Program?

For other questions about the Bayanihan to Recover as One Program, you may send an email to bayanihan_creditcard@bpi.com.ph.

Personal Loans

Personal Loans


In compliance with the Bayanihan to Recover as One Act, R.A. 11494, otherwise known as Bayanihan 2, all BPI Personal Loan accounts which are current (not past due) as of September 15, 2020, with payment due dates falling from September 15, 2020 to December 31, 2020, are eligible to avail of a one-time 60-day grace period on loan payments subject to the following terms and conditions (the “Bayanihan 2 Grace Period Program”):


1. All eligible BPI personal loan customers who want to avail of the 60-day grace period must opt-in and submit their requests through this online enrollment page on or before October 31, 2020.


2. Availment of the 60-day grace period shall have a corresponding loan maturity date extension equivalent to the availed grace period.


3. The auto-debit arrangement through BPI will be suspended during the 60-day grace period. This means that the account will not be debited on the said period.


4. The personal loan will not incur any late payment charges during the 60-day grace period.


5. Due to the payment deferrals, there will be a corresponding accrual of interest on the unpaid principal portion of the loan which shall be added to the loan’s outstanding balance. Any remaining amount resulting from the deferment of the loan payments during the grace period shall be deducted in full together with the last monthly amortization.


6. The collection of payment via auto-debit arrangement through BPI, equivalent to a one (1) month amortization, will resume on the next scheduled due date right after the 60-day grace period.


7. All submitted opt-in requests for availment under the Bayanihan 2 Grace Period Program shall be subject to further verification prior to processing. An email or SMS advice will be sent to the customer to confirm eligibility or non-eligibility for processing.


8. The online opt-in request, once submitted, shall be irrevocable and shall commit the BPI personal loan customer to avail of the Bayanihan 2 Grace Period Program.


Covered Areas

Nationwide


Covered Period

For payment due dates falling within the period of September 15, 2020 to December 31, 2020


Frequently Asked Questions


What is the Bayanihan To Recover As One Act?

Bayanihan to Recover as One Act, designated as Republic Act No. 11494, is a Philippine law granting the President additional authority to combat the COVID-19 pandemic in the country. The law grants customers a one-time 60-day grace period for all loans with principal and/or interest falling due during the covered period. It also relieves customers of interest on interest, penalties, or fees during the covered period.

Who are covered in the Bayanihan Act 2?

BPI personal loan customers nationwide whose accounts are current (not past due) as of September 15, 2020, and whose payment due dates fall within the period of September 15 to December 31, 2020 are eligible to avail of the one-time grace period on loan payments subject to the Bayanihan 2 Grace Period Program terms and conditions mentioned above.

What is the period covered for the Bayanihan Act 2?

This covers payment due dates falling within the period of September 15, 2020 to December 31, 2020.

What does the one-time 60-day grace period mean?

The one-time 60-day grace period means you may opt not to pay the monthly loan amortization for two (2) consecutive loan payment due dates for your personal loan, subject to the Bayanihan 2 Grace Period Program terms and conditions mentioned above.

Can I avail of a 30-day grace period instead of 60 days?

No, the Bayanihan Act 2 prescribes a one-time 60-day grace period, applicable to your personal loan.

How can I avail of the Bayanihan 2 Grace Period Program?

If you wish to avail of the one-time 60-day grace period, submit your grace period opt-in request here, on or before October 31, 2020. This will be subject to the Bayanihan 2 Grace Period Program’s terms and conditions mentioned above.

In the grace period opt-in form, you will have the options when the 60-day grace period shall be implemented for your personal loan account:
• October - November
• November - December

If I am eligible to avail of the 60-day grace period, what effect will the grace period have on my personal loan?

The Bank will automatically defer the loan payments within the 60-day grace period and extend your personal loan term from the maturity date. The loan term extension period will be equivalent to the availed grace period.

Furthermore, due to the payment deferrals during the grace period, the unpaid principal portion of the loan shall continue to earn interest which will be added to your loan’s outstanding balance. Any remaining amount from the loan payment deferment shall be reflected on your final month’s amortization.

Sample Illustration:
Customer availed of a personal loan with the following details:

Total Loan Amount: Php 100,000
Monthly Amortization: Php 5,367
Booking Date: September 20, 2019
Due Date: Every 20th of the month
Original Loan Term: 24
Original Maturity Date: September 2021
Bayanihan 1 Grace Period Covered Due Dates: March 20, April 20 and May 20, 2020
Bayanihan 1 Loan Term Extension: 3 months
Bayanihan 1 New Loan Maturity Date: December 2021
Bayanihan 2 Grace Period Covered Due Dates: October 20, 2020 and November 20, 2020
Bayanihan 2 Loan Term Extension: 2 months
Bayanihan 2 New Loan Maturity Date: February 2022

The monthly amortization shall remain the same and collection of loan payment equivalent to one month amortization will resume on the next due date immediately following the lapse of the grace period. Despite the suspension of the payment collection during the applicable grace period, the unpaid loan principal shall continue to earn interest and any remaining amount due in connection with or resulting from the deferment of the loan payments during the grace period shall be settled and deducted in full, together with the final amortization, upon loan maturity or any extension thereof.

Monthly Amortization Due with Bayanihan 2 grace period applied:
September 20, 2020 = Php 5,367
October 20, 2020 = Php 0
November 20, 2020 = Php 0
December 20,2020 = Php 5,367
January 20, 2021 = Php 5,367
February 20, 2022 = Php 17,316

How much is the accrued interest on the unpaid principal portion of my personal loan?

The accrued interest amount varies depending on the remaining number of months in your loan term. To request for the indicative computation of the accrued interest of your personal loan, you may send us an email at bayanihan_PL@bpi.com.ph.

Indicate the following in the email subject and body:
PL_ACCRUED INT_Full Name_Loan Account Number_Birthdate.

You have until October 31, 2020 to send us your request.

Will you suspend the Automatic Debit Arrangement (ADA) for my account because of the Bayanihan Act 2?

The ADA through BPI will only be suspended for the eligible personal loan customers who opted-in for the Bayanihan 2 Grace Period Program. This means that the deposit account will not be debited for the duration of the 60-day grace period.

If the bank does not receive your grace period opt-in request on or before October 31, 2020, we will continue to debit your ADA settlement account as scheduled.

Can I still opt to pay my monthly amortization by funding my Automatic Debit Arrangement (ADA) settlement account?

BPI personal loan customers who did not opt-in for the Bayanihan 2 Grace Period Program must fund their ADA settlement account. The bank will continue to debit the account as scheduled.

If you wish to avail of the one-time 60-day grace period, please submit your grace period opt-in request here, on or before October 31, 2020. This will be subject to the Bayanihan 2 Grace Period Program’s terms and conditions mentioned above.

Are late payment charges (LPC) waived for the duration of the Bayanihan Act 2 covered period?


Yes, your BPI personal loan will not incur any LPC for the duration of the Bayanihan Act 2 covered period.

How much will be debited from my Automatic Debit Arrangement (ADA) settlement account after the grace period?

Your ADA settlement account will be debited with the same monthly amortization amount on the following due date after the grace period, except for the final month's amortization.

How much will be debited from my Automatic Debit Arrangement (ADA) settlement account on the final month of my personal loan?

To help ease the burden during this time, the amount variance resulting from the deferred payments during the grace period will be debited from your ADA settlement account on your final month's amortization on top of the regular monthly amortization.

Does this mean I will be paying more on my personal loan's final amortization as a direct result of the deferred payments during the grace period?

As recognized by Bayanihan Act 2, the unpaid principal portion will continue to earn interest. We acknowledge that you may be financially impacted during this time that is why any amount in variance resulting from the deferred payments during the grace period will be charged together with your final amortization via auto-debit arrangement.

Will the loan term extension brought about by the Bayanihan Act affect my Promissory Note (PN)?

No, the provision of the said act does not require you to change your PN, hence no need for you to call nor visit the branch.

What if my account has been debited already for the month of September, can I still avail of the grace period under Bayanihan Act?

Yes, you can still enroll your grace period opt-in request. If you wish to avail of the one-time 60-day grace period, please submit your grace period opt-in request here, on or before October 31, 2020. This will be subject to the Bayanihan 2 Grace Period Program’s terms and conditions mentioned above.

In the grace period opt-in form, you will have the options when the one-time 60-day grace period shall be implemented for your personal loan account:
• October – November 2020
• November – December 2020

Who may I contact for concerns regarding the Bayanihan to Recover as One Grace Period Program?

For other questions about the Bayanihan to Recover as One Grace Period Program, you may send an email to bayanihan_PL@bpi.com.ph.

Auto and Housing Loans

Auto and Housing Loans


In line with the issuance of R.A. No. 11494, otherwise known as the “Bayanihan to Recover as One Act” last September 15, 2020, BPI Family Savings Bank is granting a one-time 60-day grace period.


1. The 60-day grace period is open to all current BPI Family Auto Loan and Housing Loan accounts (i.e., not past due as of Sept. 15, 2020), with payment due dates falling from Sept. 15 to Dec. 31, 2020.


2. Eligible BPI Family Auto/Housing loan clients who want to avail of the 60-day grace period must notify the bank through the prescribed channel.


If there is no request or confirmation to avail, then regular payment collections shall remain in effect and the corresponding auto-debit schedule shall proceed.


3. During the 60-day grace period, payment collections for the Auto or Housing Loan will be suspended. No late penalty fees or interest-on-interest will be charged, while the unpaid loan principal shall continue to accrue interest.


4. After the 60-day grace period, payment collections (through auto-debit) will resume. The amount to be collected is equivalent to a 1-month amortization only, which already includes the accrued interest, or a portion thereof, from the unpaid months.


5. The maturity date of the loan shall correspondingly be extended by a period of 60 days


Covered Areas

Nationwide


Covered Period

For payment due dates falling within the period of September 15, 2020 to December 31, 2020


How to Avail of the Grace Period

BPI Family Auto/Housing Loan clients may submit their intent to avail of the 60-day grace period through our Bayanihan-2 60-day Grace Period Confirmation Form.


1. Fill out our Bayanihan-2 Confirmation Form and provide all the requested information.


2. In the last field, please choose the monthly due dates when the payment grace period will be applied:

a. September - October

b. October - November

c. November - December


Example:

Client’s Due Date 21st of the month
Chosen Period October - November
Due Dates to be Suspended October 21, 2020 and November 21, 2020
Next Payment (Auto-Debit) Date December 21, 2020


3. After clicking "Submit", you will immediately receive an auto-generated email from bpiloans@bpi.com.ph. This contains your agreement to the Terms & Conditions of the 60-day grace period.


4. All submitted requests will undergo verification. Afterwards, an SMS will be sent to your declared mobile number and will serve as your official confirmation that the 60-day grace period shall be applied to your loan account.


5. Once the 60-day grace period ends, payment collection will resume on your next scheduled due date. The amount to be collected is equivalent only to a 1-month amortization, which already includes the accrued interest, or a portion thereof, from the unpaid months.


6. The maturity date of your loan shall be extended by the corresponding number of months that your payment due date/s had been suspended.


Frequently Asked Questions

Who can avail of the 60-day grace period provided under Bayanihan-2?

The one-time grant of a 60-day grace period prescribed under the Bayanihan-2 is applicable to all BPI Family Auto/Housing Loan accounts, with payment due dates falling from Sept. 15 to Dec. 31, 2020, that are in current status (not past due) as of September 15, 2020.

Do I need to submit documents to avail of the one-time 60-day grace period?

No, there is no need to submit any document. You only need to confirm your intent to avail of the 60-day grace period here.

Why do I need to confirm my intent to avail of the 60-day grace period?

To ensure your understanding of and consent to the terms and conditions, as well as the correct application of your desired effectivity date, you need to confirm your intent to avail of the 60-day grace period before any adjustments are done on your loan account. Availing of the 60-day grace period will result in an extension of your loan maturity date, and collection of accrued interest.

You may also view the details of the Implementing Rules and Regulations of the Bayanihan to Recover as One Act here.

Can I still avail of the 60-day grace period if my payment due date has already lapsed or taken effect?

For payment due dates falling within the period from Sept. 15 to Oct. 5, 2020 (which already lapsed or took effect as of this writing),  you must submit your intent to avail of the 60-day grace period through our Bayanihan 2 Confirmation Form.

1. If your account remained unfunded or unpaid for due dates Sept. 15 to Oct. 5, we will only apply the 60-day grace period after we have received your request through the Bayanihan 2 Confirmation Form. You have until Oct. 15, 2020, to submit your request. Otherwise, your account will be treated as past due and late payment charges will be applied.   

2. If payment had already been made for due dates Sept. 15 to Oct. 5, and you sent us a request to avail of the SEPT-OCT grace period, we will apply the 60-day grace period on the next applicable months.

My Auto / Housing Loan was past due before Bayanihan 2 was implemented. Can I still avail of the 60-day grace period?

No. Only loan accounts that are in current status (i.e., not past due) as of Sept. 15, 2020, are eligible for the 60-day grace period.

I already availed of the grace period under Bayanihan-1 (Bayanihan-to-Heal-as-One-Act). Am I still allowed to avail of the 60-day grace period under Bayanihan 2?

Yes, you are still allowed to avail of the one-time 60-day grace period as long as you meet the conditions stated above.

Until when can I submit my request to avail of the Bayanihan-2 60-day grace period?

Please submit your request through our Bayanihan-2 Confirmation Form on or before October 31, 2020.

Are you charging additional interest on my loan if I avail of the 60-day grace period?

Despite the suspension of your payment due dates, your unpaid loan principal continues to accumulate accrued interest, as recognized in the Bayanihan to Recover as One Act. The interest amount (on the unpaid loan principal) accrued during the 60-day grace period will be carried over to your succeeding due date/s. To know more about interest accrual, please watch our instructional video here.

How much is the accrued interest resulting from the grace period?

The amount of accrued interest on the unpaid loan principal will vary depending on your Auto / Housing Loan, based on this computation:
 
Accrued Interest = Your Total Outstanding Loan Balance X Interest Rate X 60/366 Days

What will happen to my Auto / Housing Loan as a result of the 60-day grace period?

1. After the grace period, your next amortization/s shall be applied as payment for the interest accrued during the grace period. So as not to increase the amount of your regular monthly amortization, the monthly distribution of your loan principal and interest will be adjusted accordingly.  

The example below illustrates the impact of the 60-day grace period to your loan:

Original Loan Details (Sample)

September 10, 2020
Monthly Amortization - Php 12,000
Principal - Php 10,000
Interest - Php 2,000
Outstanding Balance - Php 220,000

October 10, 2020
Monthly Amortization - Php 12,000
Principal - Php 10,100
Interest - Php 1,900
Outstanding Balance - Php 209,900

November 10, 2020
Monthly Amortization - Php 12,000
Principal - Php 10,200
Interest - Php 1,800
Outstanding Balance - Php 199,700

December 10, 2020
Monthly Amortization - Php 12,000
Principal - Php 10,300
Interest - Php 1,700
Outstanding Balance - Php 189,400


Loan Account After Availing Bayanihan 2 Grace Period

September 10, 2020
Monthly Amortization - Php 12,000
Principal - Php 10,000
Interest - Php 2,000
Outstanding Balance - Php 220,000

October 10, 2020: Grace period = no debit
Monthly Amortization - Php 12,000
Principal - None
Interest - Php 1,900
Outstanding Balance - Php 220,000

November 10, 2020: Grace period = no debit
Monthly Amortization - Php 12,000
Principal - None
Interest - Php 1,900
Outstanding Balance - Php 220,000

December 10, 2020: Auto-debit resumes
Monthly Amortization - Php 12,000
Principal - Php 6,300
Interest - Php 5,700*
Outstanding Balance - Php 213,700

*amount includes the interest accrued during during the 60-day grace period.

2. The duration of your loan shall be extended corresponding to the number of months that your payment due dates had been suspended. Thus, if you availed of the grace period (whether Bayanihan 1 or 2), your loan will have a new end date (maturity date).

For Auto Loans and Housing Loans not due for re-pricing, any unpaid principal amount resulting from the grace period shall be settled at the end of your loan and will be collected together with your last monthly amortization.

For Housing Loans that are due for re-pricing, after your fixed-rate period, the adjusted loan principal and new interest rate shall be the basis for your next amortization schedule.

What will happen to my insurance payables that are being debited together with the loan?

GFSP / MRI (Housing Loan)
If you have availed of the 60-day grace period, deduction for MRI payments shall be suspended on the affected due dates, and shall automatically resume together with your loan amortization.

Comprehensive Motor Insurance (Auto Loan)
If you have availed of the 60-day grace period and have a BPI/MS insurance premium that is payable on the chosen dates, the amount due will not be billed and shall only be collected on the next due date following the grace period.

Where can I see the details of the Bayanihan to Heal as One Act for Auto and Housing Loans?

For questions regarding Bayanihan 1 (R.A. No. 11469 otherwise known as the "Bayanihan to Heal as One Act"), you may view the details here.

Business Loans


Frequently Asked Questions

Who are eligible for the program?

Borrowers in good credit standing, and whose existing, current or outstanding loan payments fall between September 15 to December 31, 2020.

How do I avail of the reprieve program?

We need your consent to participate in the Bayanihan 2 Program.

If your loan account is eligible, please let us know of your intention to avail of the Program on or before October 31, 2020, through the following:

a. Email us at bbclientservices@bpi.com.ph with the Subject: Bayanihan 2 Reprieve Participation and with the following details:
- Borrower Name (as stated in your loan account records)
- Address
- Contact Number
   
b. You may contact your Relationship Manager or our hotline at (+632) 7918-2000; press #2 for Business Loans

Kindly wait for a confirmation of the receipt of your request.

What if my account has already been debited during the reprieve period?

Please note that because of the timing difference in aligning with the Bayanihan 2 or BARO Act, there may have been instances of automatic debit or post dated checks being deposited during the early part of the reprieve period.

Please contact us in case you would like any changes in your payment transaction.

You may let us know of this concern through the following:

a. Email us at bbclientservices@bpi.com.ph with the following details:
- Borrower Name (as stated in your loan account records)
- Address
- Contact Number
   
b. You may contact your Relationship Manager or our hotline at (+632) 7918 2000; press #2 for Business Loans

Kindly wait for a confirmation of the receipt of your request.

What if I want to pay during the reprieve period?

If we do not receive any instructions from you to participate in the Bayanihan 2 Program, we will continue handling the account according to the agreed upon payment terms and schedule.

What will be subject to the one-time 60-day reprieve period?

The 60-day grace period on principal and/or interest payments will be applied to each loan of current status with payment periods that fall between September 15 to December 31, 2020.

Within this period, the borrower may only choose one due date to apply the 60-day reprieve.

What if my payment due does not fall between September 15 to December 31, 2020?

Although your loan may not be eligible for the Bayanihan 2 Program, we understand your concern and acknowledge your situation in these challenging times.

Please email or call us using the contact details above.

When will I make my next repayment?

Payment of eligible deferred amounts (principal and/or interest due) must be settled in full after the 60-day grace period.

What other changes will be effected on my account?

Since your loan dues for the year, including those covered by the reprieve, must still be settled after the 60-day grace period, no other changes will occur on your account apart from the deferment of payment.

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

Your contract or loan agreement will not be revised or re-documented for these changes to take effect.

Can I request for a longer extension of my loan term, or for a lower rate?

At the moment, all terms and interest rates remain the same. We understand your concern and acknowledge your situation in these challenging times. We will be glad to discuss changes in the terms of your loan, including the extension of your maturity date or lowering  of the interest rate.

You may let us know of this concern through the following:

a. Email us at bbclientservices@bpi.com.ph with the details below:
- Borrower Name (as stated in your loan account records)
- Address
- Contact Number
   
b. You may contact your Relationship Manager or our hotline at (+632) 7918 2000; press #2 for Business Loans

Kindly wait for a confirmation of the receipt of your request.

What types of extensions are covered in the DST exemption?

All extensions or restructuring of payments and/or maturity periods of covered loans. The 60 day mandatory grace period and extensions for periods even longer than 60 days as may be agreed upon by the borrower and the Bank are covered by this DST extension.

Are trust receipts included in the Reprieve Program?

Yes.

BanKo NegosyoKo Loan

BanKo NegosyoKo Loan


Bayanihan to Recover as One Act Implementing Guidelines


Program

Mandatory 60-day Grace Period Program


Covered Areas

All BanKo branches nationwide


Covered Period

September 15, 2020 – December 31, 2020


Qualifier for the Program

The mandatory one-time 60-day grace period shall apply to all NegosyoKo Loan Clients, whose accounts are in current status and with loan payments that are due within the period from September 15 to December 31, 2020.


Terms and Conditions of the Program

1. Clients whose payments are due from September 15 to December 31, 2020, are given a 60-day grace period benefit. This means clients can pay their next installment amount after 60 days with one-time waiver of late payment charges and no additional interest on the unpaid loan amortization.


2. The term of the loan is extended by 60 days.


3. Clients with past due accounts cannot avail of the 60-day grace period reprieve.


4. Clients who benefited from the mandatory grace period under Bayanihan 1, as well as those who have restructured their loan accounts before September 15, 2020, and are paying on time in accordance with the new amortization schedule, are covered by the 60-day grace period.


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


6. Clients who issued post-dated checks (PDCs) will need to inform the branch if they will avail of the 60-day grace period so that the posting of payment will be deferred.  


7. Failure to pay on the next due date after the 60-day grace period shall render the account as past due.  Corresponding penalties shall be charged.


Frequently Asked Questions

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

The existing Promissory Note will not be changed. The term of the loan will be extended by the number of amortizations that were applied to the Bayanihan grace period.

What will happen if I fail to settle my installment due after the 60-day grace period?

The deferred payment program is for sixty days only. To avoid late payment penalties, please settle your installment on your due date after the deferred payment period.

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: Globe - 0917 820 2257 / 0917 814 6306; Smart 0919 076 4943/0919 076 4942; Mondays to Friday, 8:30 AM to 5:30 PM.

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