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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

The S.I.P. Installment Amortizations (S.I.P. Loan or S.I.P. Merchant)  due for payment during the covered period will be added to your Minimum Amount Due in your next Statement of Account after the covered period

Sample Illustration for a BPI Customer

Statement Date: August 27
Payment Due Date: September 16 (within covered period)
Total Amount Due: 52,750
Principal: 50,000
Interest: 1,750
SIP Installment Amortization: 1,000
Minimum Amount Due: 2,847 

(The customer avails of the Bayanihan 2 grace period)

Statement Date: September 27
Payment Due Date: October 19 (within covered period)
Total Amount Due: 54,611.25
Principal: 50,000
Interest: 1,811.25
SIP Installment Amortization: 2,000
Late Payment Charge: 850
Minimum Amount Due: 3,880

(The customer will still see additional finance charges and late payment charges reflecting on his Statement of Account. The SIP Installment Amortization unpaid from the previous month will be carried over to this Statement of Account)

Statement Date: October 27
Payment Due Date: November 27 (end of 60-day grace period)
Total Amount Due: 53,925.59
Principal: 50,000
Interest: 1,841.39
Interest on Interest Reversal: -65.80
SIP Installment Amortization: 3,000
Late Payment Charge: -850
Minimum Amount Due: 4,818.40

(The late payment fee from the previous Statement of Account will be reversed. The interest on interest  amounting to Php 65.80 will be waived. The unpaid amortizations from the August and September Statements of Account will be carried over and added to the minimum amount due in the October Statement of Account)

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.

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.

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

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.

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.

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

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.

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

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

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

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.

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.

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.

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

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.

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.

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.

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

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

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.

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.

After November 15, 2020, this link shall be deactivated and shall no longer be able to accept Bayanihan-2 requests.

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.

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.

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.

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

Please submit your request through our Bayanihan-2 Confirmation Form on or before November 15, 2020.

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.

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

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.

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.

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.

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

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.

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.

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.

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. Interest will continue to accrue based on the outstanding balance of the loan.

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.

Payment of eligible deferred amounts (principal and/or interest due) may be settled in full after the 60-day grace period, or as agreed upon with the Bank.

We encourage you to settle the deferred dues covered by the reprieve after the 60-day grace period. No other changes will occur on your account apart from the deferment of payment. Otherwise, changes will take effect on your account if other repayment arrangements have been made and agreed upon with the Bank.

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

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.

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.

Yes.

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.

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.

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.