1. What is Bayanihan Act 2?
Republic Act No. 11494 known as the “Bayanihan to Recover As One Act,” otherwise known as BARO Act or Bayanihan 2, took effect on September 15, 2020.
2. What is the one-time mandatory grace period provided under Bayanihan 2?
Section 4(uu) of Bayanihan 2 requires all covered institutions to implement a mandatory one-time 60-day grace period to all loans that are existing, current and outstanding falling due, or any part thereof, on or before 31 December 2020 (BSP Memorandum No. M-2020-068).
3. When is the start and end of the mandatory 60-day grace period?
The 60 days grace period can be availed for loan installments falling due between September 15, 2020 and December 31, 2020
4. What type of loan products are covered by this grace period?
All types of Consumer Loans – Home, Auto, Personal, Salary, and Contract to Sell Loans.
5. Is my loan account qualified for the Bayanihan Act 2 grace period?
All loans, which are outstanding, current and existing as of September 15, 2020, are qualified. Only loans in current status and not past due are covered by the grace period (BSP Memorandum No. M-2020-074).
6. How will I know if I am qualified to avail of the Bayanihan 2 grace period?
An SMS, email and/or letter will be sent to all qualified clients informing them of their eligibility to avail of the Bayanihan 2 grace period.
7. How can I avail of the Bayanihan 2 grace period if I am qualified?
Please follow the instructions as indicated in the SMS, email and/or letter that you have received. If we do not receive any instructions from you by October 31, 2020, we will then treat this as your confirmation that you are availing of the one-time 60-day mandatory grace period under the “Bayanihan to Recover as One Act”. The accrued interests must be paid in full on the next installment due date after the application of the 60-day grace period.
8. If I decided to avail of the 60-day grace period, when will I pay the principal and interest falling due from the months where the grace period was applied?
If you will avail, your loan term will be extended by 60-days. Accrued interest for the 60-day mandatory grace period will have to be paid in full on your next due date together with the scheduled monthly amortization.
9. If I have multiple loans with PBCOM and one of the loans is past due and the other/s are in current status, existing and outstanding as of September 15, 2020, will my past due account also be qualified?
No, only the loans, which are existing, current, outstanding as of September 15, 2020 will be qualified under the Bayanihan 2 grace period.
10. If I have also availed of the Bayanihan 1 grace period, can I again avail of the Bayanihan 2 grace period?
Yes, you can avail again, provided your loan is existing, current and outstanding as of September 15, 2020.
11. If I have a current, existing and outstanding loan but availed after September 15, 2020, am I qualified under the Bayanihan 2 grace period?
No, it will not be qualified. Only loans, which are existing, current, outstanding, and 1-30 days past due as of September 15, 2020 are qualified for the grace period.
12. Is this only applicable for Metro Manila booked accounts?
No. The grace period will cover all qualified loan accounts even outside Metro Manila.
13. What will happen to post-dated checks (PDCs) covering due dates during the availed 60-day grace period?
We will hold the PDCs intended for the amortization dates covered by the grace period. Thereafter, we will deposit the PDCs dated for the amortization dates after the grace period.
Since the loan maturity will move, you are requested to issue additional check/s to cover the 2 months installments of the availed grace period. The additional check/s can be sent to any PBCOM branch.
14. How will the Accrued Interest for the 60-day grace period be computed?
Your monthly-accrued interest will be computed based on:
Your Outstanding loan balance as of your last monthly installment paid X Your Loan Interest Rate X 30days or 31 days / 360days
You will avail of the 60-days grace period for your installments due on October 20 and November 20, 2020
Your Outstanding Principal Balance as of September 20, 2020: P 3,550,000
Your Interest Rate: 12%
Computed Accrued Interest for October 20, 2020 (31days) : P36,683.34
Computed Accrued Interest for November 20,2020 (30days) : P35,500.00
Total Accrued Interest for October 20 – November 20,2020 : P72,183.34
15. What are the waived fees during the grace period under Bayanihan Act 2?
- Late fees
- Interest on interest
- Bounce fees
16. Can I request for more than the 60 days grace period given?
The Bank shall comply with the guidelines of Bayanihan 2 and shall implement a non-extendible mandatory one-time 60-day grace period (BSP Memorandum No. M-2020-074). Thus, maximum grace period that can be accommodated is 60 days.
Should you need further assistance beyond the 60 days grace period, please email us of your request at ConsumerLoans@pbcom.com.ph. Our restructuring program may help you manage your loan after the Bayanihan 2 validity period.
17. Will there be an additional interest that will be charged on the availed payment holiday?
Interest will be charged on the unpaid portion of the principal only where payment has been deferred due to the availment of the grace period. No additional interest will be charged on the unpaid interest.
If you qualified for the grace period but did not receive our SMS, email or letter informing you are qualified, please immediately notify us by sending an email to ConsumerLoans@pbcom.com.ph . We shall assist you immediately. Thank you.