Frontline medical and security personnel are given the privilege of an extended term of repaying their loans. The Bank of the Philippine Islands (BPI) is giving a 90-day grace period on loan payments to nurses, doctors, and other medical frontliners who are working hand-in-hand to help contain the fast-spreading Coronavirus.
In addition to the workers in the medical field, BPI is also including policemen, soldiers, and other workers who are sacrificing just for the 2019 Coronavirus Disease (COVID-19) to be properly tamed and contained.
Read: Here’s a List of People Who Can Go Out During the Luzon Quarantine
No interest or surcharges
BPI President and Chief Executive Officer (CEO) Cezar Consing said that he, together with his company, is admiring what they're doing. He adds that this would be the least they could do in this dire times of crisis. In his statement, he said that no surcharges or interests will be collected from the frontliners in their efforts to control and contain the spreading of the virus.
We admire what you’re doing. We know it's a huge sacrifice, you do this at great risk to yourself, this is the least we can do at this time. Don’t worry about paying us for the next 90 days."
For clarification purposes, Consing said that the 90-day grace period on loan payments only apply to personal loans. This disqualify business loans; however, they'll still assess it on a case-to-case basis.
Read: Three-Month Moratorium to All Loans, Pag-IBIG Home Development Mutual Fund (HDMF)
He said that they will be judging and assessing it in different criteria. But, rest assured that they'll be working to enable their clients' capability to keep going.
We are going to judge by ability, solvency, liquidity. We are going to do everything you can to keep you going."
Their initiative of allowing frontliners to repay their loans for an extended period of three (3) months is definitely admirable. But what about those people who were affected by the Luzon lockdown?
30-day grade period
Earlier, the bank also made a mention about giving a 30-day grace period to eligible clients to pay their loans due to the enhanced community quarantine in the entire island of Luzon. As per the BPI, eligible clients can hold back in paying their:
- Credit Card Payments;
- Small and Medium Enterprise (SME) Loans;
- Personal Loans;
- Home Loans; and
- Auto Loans
Because of the quarantine that was held from the 15th of March 2020 until the 12th of April, they can think less about paying their loans.
In their advisory, they said that they are extending the grace period for those who are eligible or qualified. They made the announcement after the placement of the island of Luzon under and enhanced community quarantine.
We are extending a 30-day grace period for qualified credit card, personal, home, auto, and SME loan clients to help ease the burden during these trying times."
Read: Iran Freed 85,000 Prisoners to Contain the 2019 Coronavirus Disease (COVID-19)
How can clients defer their loan payments?
For clients to be able to defer their loan payments, they need to contact BPI and see if they're eligible for it. They just have to follow the specific prompt that will take them to loan repayment and they can tell the representative that they are frontliners of the battle against the COVID-19 spread.
With the entire island of Luzon locked down, the simple efforts of BPI to give a 90-day grace period to all loan payments is just one of the few things our country needs as assistance to those who are doing sacrifices.
Other companies who offered payment extensions
BPI is not the only conglomerate who made the grand decision to extend loan repayments. In fact, several other companies made an extension for their respective customers and clients. These companies include:
- Manila Electric Company (MERALCO)
- Bills due from the 14th of March 2020 until the 14th of April 2020 will be given a 30-day payment extension
- Mayinlad Water Services Inc.
- Disconnection activities will be postponed until the 14th of April 2020.
- 30-day payment extension for clients
- Manila Water Co. Inc.,
- 30-day payment extension
- Globe Telecom Inc.,
- Bills due from the 14th of March 2020 until the 14th of April 2020 will be given a 30-day payment extension
- PLDT Inc., Smart Communications Inc., Sun Cellular Corp.
- Postpaid customers of PLDT Home, Enterprise, Smart, and Sun Cellular will be given a 30-day extension period.
- Prime Water Infrastructure Corp.
- All clients will be given a 30-day extension in paying their water bills.
- BDO Unibank Inc.
- 60-day payment extension will be given to qualified and eligible clients with auto loans, home loans, small and medium enterprise (SME) loans, credit cards, and personal loans with due dates up to the 14th of April 2020.
- Billease
- Payments (whole and installments) due from the 17th of March 2020 until the 12th of April 2020 will be extended.
- CIMB Bank
- All payment due dates for qualified personal loan borrowers will be extended for 30 days (1 month)
- East West Banking Corporation
- All payment due dates for qualified clients for personal, mortgage, EEL loans, auto loans, and credit card payments will be extended for 30 days.
- Security Bank Corporation
- All clients with home, personal, auto, business mortgage, and business loans, as well as credit card loans will be extended for 30 days; provided that there's a no past due balance. This applies to all bills due from the 16th of March 2020 until the 14th of April 2020.
- Metropolitan Bank & Trust Co. (Metrobank)
- 30-day grace period program will be extended to eligible clients who have home loans, auto loans, and credit car loans. All qualified clients will be notified via email.
- Philippine Savings Bank (PSBank)
- A 30-day grace period on loan payments will be extended. This applies to all clients who have auto, home, and personal loans.
- Union Bank of the Philippines
- All eligible and qualified clients who are in good standing; and those who have bills due from the 17th of March 2020 until the 15th of April 2020 will have their dues extended for 30 days.
- Rizal Commercial Banking Corporation (RCBC)
- All fund transfers via Instapay will be free until the 15th of April 2020. Transfers via Pesonet started to be free on the 18th of March 2020.
- Good-standing clients can choose to delay payments by 30 days from their original due date for all their existing auto, home, personal, and salary loans.
- Sky Cable
- All bill payments by qualified customers will be extended for 30 days (1) month.
- Cignal TV
- Postpaid subscribers will be given a 30-day payment extension from their due dates.
As you can see, a majority of big companies chose to help their clients by extending their payments by 30 days, 60 days, etc.
Those are all the companies who has had their share of contributing to the betterment of the economy. Because of the lock down, thousands of employees have not been able to work accordingly.
What do you think about the extension of loan payments of these companies? Is the 90-day grace period to loan payments to frontliners battling for everyone's health by the BPI relevant and significant enough to help those who are in dire need of it?
Source: ABS-CBN News | GMA Network
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