BPI extends grace period coverage to May 31 to align with Bayanihan Act, MECQ
The Bank of the Philippine Islands (BPI) group has updated its deferred payment programs to align with the Bayanihan We Heal as One Act and the declaration of the Modified Enhanced Community Quarantine (MECQ) over the National Capital Region and other major cities.
Given the wide-scale economic impacts of COVID-19, all BPI clients with payments due from March 17 until May 31, 2020, are eligible for the program without qualifications or the need to apply, and all auto-debit arrangements have been suspended since April 2, 2020. The extension of the programs is nationwide, and applies even to those who are not in areas under MECQ. Clients who wish to continue their payments as usual are given the option to do so.
BPI was one of the first banks to proactively announce deferred payment programs for its clients when the ECQ was first declared by the government in response to the COVID-19 pandemic. The programs have since been aligned with the terms and requirements of the Bayanihan Act.
Under the programs, credit card clients are given 30 days from their last due date falling within the MECQ period to settle their obligations. Personal and retail loan clients are given a 30-day extension for every due date that falls within the coverage period, effectively extending the maturity date of their loans. Business banking clients are given a 90-day extension to settle their payments due during the MECQ.
The programs exempt clients from late payment charges, interest-on-interest, and other penalties. For BPI Credit Cardholders who have been paying their bill in full for the past 6 months prior to the covered period, finance charges will be waived. Cardholders with outstanding balances prior to March 17 will see a reversal on interest on interest.
For retail and personal loan customers, the accrued interest due to the payment deferral is charged to the client on the next amortization after the MECQ is lifted. The unpaid loan principal will continue to earn interest and any remaining amount due resulting from the deferments will be settled when the loan matures.
In the event that the MECQ is extended, the coverage period for all Bayanihan Act-related programs will automatically be adjusted accordingly.
Visit the Bayanihan to Heal as One Act: 30 Day Grace Period page for more information.
May 22, 2020