BPI Personal Loan Accounts Covered by 60-Day Grace Period Under Bayanihan 2

BPI Personal Loan Accounts Under 60-Day Loan Grace Period

BPI PERSONAL LOAN ACCOUNTS – Clients of the Bank of the Philippine Islands (BPI) who have personal loans may avail the 60-day grace period offered in compliance with Bayanihan 2.

The Philippines is currently dealing with the COVID-19 pandemic. More than 200 nations and territories have recorded cases of the coronavirus disease that was first recorded in China.

To curb the spread of COVID-19, the entire nation is under community quarantine measures for several months now. Undeniably, this has affected the operation of several businesses.

Also, although businesses are allowed to operate, only a few clients really go for transactions now as people limit exposure with other people. Many businesses incurred only expenses for months now.

Many employees lost their jobs amid the COVID-19 crisis in the Philippines. Several employers also lost their major source of income. It is due to the fact that many businesses closed.

The government approved the Republic Act No. 11494 or the Bayanihan 2 to help the people cope with the impacts of the COVID-19 crisis. This new law includes loan moratorium.

In compliance with the Bayanihan 2, the Bank of the Philippine Islands offers a 60-day grace period for BPI Personal Loan accounts that are updated or not past their due. It is a one-time grace period that covers due dates falling between September 15 and December 31.

According to the bank, BPI Personal Loan accounts that are under an automatic debit arrangement or ADA and eligible for the 60-day grace period will only be suspended for those who requested for it. Thus, notify the bank should you wish to avail it.

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