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BAYANIHAN TO RECOVER AS ONE ACT
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 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 (bit.ly/PLbayanihan) 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 to December 31, 2020
FAQs
- 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 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, please click this link bit.ly/PLbayanihan to submit your grace period opt-in request, 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 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, 2020to 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 click this link bit.ly/PLbayanihan to submit your grace period opt-in request, 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 click this link bit.ly/PLbayanihan to submit your grace period opt-in request, 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
*November-December
