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1. What should I remember most about the ECQ/MECQ period as regards my loan account?

The Bayanihan to Heal as One Act (R.A. 11469) and IATF resolution No. 33 requires a 30-day grace period to every loan amortization due date that fall within the ECQ/MECQ period from March 17 to May 31, 2020, without incurring penalty interest and charges. This means for some loans such as those with March due dates, total grace period can reach a total of three (3) months. This also implies that if you avail of the payment extension, your loan tenor or maturity date will be adjusted by the number of grace period availed.

 

The following loans are covered:

● Auto Loan

● Home Loan

● SME Loan

● Personal Loan

2. When will my next Monthly Amortization be due?

Please see Table below:

SCHEDULE OF PAYMENT FOR EXISTING LOANS PRIOR TO MARCH 16, 2020
Due Dates falling from March April May June July August Up to PN Maturity
03/16-03/31 No Payment No Payment No Payment March amortization April amortization + Accrued Interest/12 May amortization + Accrued Interest/12 Loan tenor will be extended by the number of grace period availed
04/01-04/15 PAID No Payment No Payment April amortization May amortization + Accrued Interest/12 June amortization + Accrued Interest/12
SCHEDULE OF PAYMENT FOR NEW LOANS BOOKED MARCH 16, 2020 ONWARDS
First Due Dates March April May June July August Up to PN Maturity
04/16-04/30 Loan release No Payment No Payment April amortization May amortization + Accrued Interest/12 June amortization + Accrued Interest/12 Loan tenor will be extended by the number of grace period availed
05/01-05/31 NA Loan release No Payment May amortization June amortization + Accrued Interest/12 July amortization + Accrued Interest/12

 

3. What are my payment options?

As our default, we will collect one (1) month amortization on your June due date. Starting your July due date we will require you to pay one (1) month amortization + amortized accrued interest over 12 months or up to the remaining months of the loan, whichever is shorter. Thereafter, you will pay your regular monthly amortization + amortized accrued interest until such accrued interest will be fully paid. Only then will you revert to your regular monthly amortization payment. Automatically, your loan tenor will be extended by the number of grace period availed.

 

We HIGHLY RECOMMEND that you PAY IN FULL by your Due Date before June 30, 2020!

No Additional Accrued Interest will be charged!

● Loan Tenor will not change

● Update your records and maintain your original amortization schedule

 

To PAY IN FULL, please contact us at least five (5) banking days prior to your first post-ECQ due date. Send us an email with your Name, Promissory Note No., Contact No.

● Home LoanHOMELOAN-ASSIST@bdo.com.ph

● Auto LoanAUTOLOAN-ASSIST@bdo.com.ph

● SME LoanSMELOAN-ASSIST@bdo.com.ph

 

4. How will my Loan Payment via Automatic Debit Arrangement (ADA) be affected?

The Automatic Debit Arrangement processing will resume on June 1, 2020. On your June due date, we will debit one (1) month amortization. On your July due date, we will debit one (1) month amortization plus amortized accrued interest. Your loan tenor will be extended by the number of grace period availed.

 

If you do not wish to extend your loan maturity, you may do so by continuously paying your monthly amortization on your original due date. Please contact your Account Officers (AO) or through the following:

  1. Contact us via email listed on FAQ #3.

  2. Pay over the counter at any BDO branch near you.

  3. Pay via BDO Online, refer to FAQ #7.

 

5. What will happen to my Post-Dated Checks (PDC), will they be deposited?

We will resume processing of Post-Dated Checks on June 1, 2020. As a default the bank will collect one (1) month amortization on the June due date. On your July due date, we will collect (1) month amortization + Amortized Accrued Interest. Note however, that since your PDC amount only reflects the 1 month amortization, the accrued interest will be collected separately. To avoid this inconvenience we strongly encourage you to enroll in ADA. Simply email us, refer to FAQ #3. Lastly, your loan maturity or your loan tenor will be extended by the number of grace period availed.

 

For the schedule of PDC deposit, please refer to table below:

  1. Existing Accounts:

    PDC Dates
    Date of PDC Deposit
    Maturity Date Extension
    March 20 – 31, 2020
    June 20 – July 1, 2020
    Loan tenor will be extended by the number of grace period availed.
    April 1 – 19, 2020
    June 1 – 19, 2020
    April 20 - 30, 2020
    July 20 – 30, 2020

     

  2. New Accounts booked during ECQ/MECQ:

    First Due Dates
    Date of PDC Deposit
    Maturity Date Extension
    April 16 – April 30, 2020
    June 16 – June 30, 2020
    Loan tenor + 2 months
    May 1 – May 31, 2020
    June 1 – July 1, 2020
    Loan tenor + 1 month

     

If you still wish for your Post-Dated Check that fall due until May 31 to be deposited, please contact your AO who will work on your request.

6. Why is there accrued interest if I choose to avail of ECQ/MECQ grace period?

Based on the bank's installment loan payment plan, a monthly amortization consisting of principal and interest payments fell due within the Enhanced Community Quarantine (ECQ) and Modified ECQ period. Accrued interest is computed based on the Principal balance of the loan x Interest rate x No. of days/365. If you avail of the ECQ/MECQ grace period, it means that you will pay for all the scheduled monthly amortizations of your loan 90 days or 3 months later which is the reason why there is accrued interest. See illustration below.

 

Original Schedule for Loan Payments Actions due to ECQ
March 16 amount due
(Principal + Interest from February 17 - March 16)
90-day grace period
Payable on June 16
April 16 amount due
(Principal + Interest from March 17 - April 16)
Payable on July 16
May 16 amount due
(Principal + Interest from April 17 - May 16)
Payable on August 16
June 16 amount due
(Principal + Interest from May 17 - June 16)
Payable on September 16

All due dates move by 3 months including loan maturity date as a result of the 90-day grace period.

 

New Schedule for Loan Payments Amount to be collected
June 16 March 16 amount due
July 16 April 16 amount due
Amortized Accrued interest*
August 16 May 16 amount due
Amortized Accrued interest*
September 16 June 16 amount due
Amortized Accrued interest*

*Amortized Accrued Interest is Interest from March 17 to June 16 to be amortized over 12 months or remaining term whichever is shorter.

7. If I want to pay my loan amortization on my own on the scheduled due dates within the ECQ/MECQ period what are the other channels?

 

● Go to the BDO website or Mobile Banking App

  1. Pay though the Bills Payment Facility (Loan Account should be enrolled in Online Bills Payment)

  2. Enroll the Biller (BDO CLG Loan Payment)

  3. PN Number

  4. Name of Borrower

● Select BDO Branches via over-the-counter payment

 

8. My account is past due, what payment extension am I entitled to, under the Bayanihan to Heal as One Act?

Past due accounts are covered in the Bayanihan to Heal as One Act so it will not incur interest on interest, penalties, fees and other charges during the ECQ/MECQ period.

 

Payment of your unpaid overdue monthly amortization(s) must be made immediately after ECQ/MECQ period.  However, should you wish to update your loan account and avail of the payment options you may call Collections Hotline 8702-6222 Monday to Friday, 8:30 am to 4:00 pm.  Please note however that we are under skeletal force due to prevailing ECQ/MECQ in NCR.

9. How do I check my loan account details and access my account?

You can access and manage your loan account/s online – anytime at your convenience.

    a) To view your account and transaction details:

           


    b) To update your contact information, request copies of your loan documents and avail of other loan-related requests: