30- Day Grace Period Extension Frequently Asked Questions

Guidelines for the 30-Day Grace Period Extension Due to NCOV

For the Filipino version of the 30-Day Grace Period Extension Frequently Asked Questions, please click here.

Bukas will always put its students’ health and safety first which is why effective March 16 we are implementing a 30-Day Grace Period for ALL agreements that have scheduled payments affected during this enhanced quarantine period, March 16 - April 15, 2020.

UPDATED AS OF 05/18/20

After the ECQ extension, we are extending our coverage to May 31, 2020 and providing an additional 30 Day Grace period for affected students in compliance with the Bayanihan to Heal as One Act and its Implementing Rules and Regulations. For more information, please see the details below:

Covered Areas

Residing/working in areas declared under Enhanced Community Quarantine

Covered Period

March 16- May 31, 2020

Frequently Asked Questions

  1. Since the Enhanced Quarantine Period was extended until May 31, are you also extending our grace period?
    Yes, we are. We understand the health and safety concerns for our students, that’s why we will automatically move the scheduled payment by an additional 30 days for all contracts with a scheduled payment that falls under the period of Enhanced Community Quarantine. For example, if your due was on March 16, we will move that scheduled payment to June 16. All payment dates are then adjusted by 30 days.
    Click here for an example of an adjusted payment schedule.
  2. Will you be charging late fees during the period of ECQ?
    No late fees or interest on interest will be charged, as stated in section 3.02 of the Bayanihan Act:
    "All Covered Institutions shall not charge or apply interest on interest, fees and charges during the 30-day grace period to future payments/amortizations of the individuals, households, micro, small and medium enterprises (MSMEs), and corporate borrowers."
  3. What’s the incurred accrued interest? Why is that different from a late fee or interest on interest?
    Accrued Interest  is the amount of interest charged on the unpaid principal due to the payment deferrals during ECQ and is allowed under section 5.02 of the IRR of the Bayanihan Act. Total accrued interest incurred during the ECQ will then be equally split and added to the remaining scheduled payments in compliance with section 5.02 of the IRR of the Bayanihan Act.

    Interest on Interest is additional interest charged on your unpaid loan and your accrued interest. There will be no interest on interest charged as mentioned in section 3.02 of the IRR of the Bayanihan Act.

    Late fees are additional fees charged monthly based on the total past due amount. There will be no late fees charged during the entirety of ECQ as mentioned in section 3.02 of the IRR of the Bayanihan Act.

    See below for an example of the changes in your monthly repayment:
    Sample Illustration:
    Customer availed of a Tuition Installment Plan with the following details:
    Total Principal Amount: PHP 30,000
    Monthly Repayment: PHP 3,025
    Scheduled Repayment: Every 16th of the month
    Payment Due Dates Deferred: March 16 and April 16 2020
    Loan Term Extension: 3 months
    Original Maturity Date: February 16, 2021
    New Maturity Date: May 16, 2021

    After the grace period of the Bayanihan Act, the accrued interest from the grace period will be split evenly on the remaining monthly repayments. Monthly due with the grace period applied:
    March 16, 2020: PHP 0
    April 16, 2020: PHP 0
    May 16, 2020: PHP 0
    June 16, 2020: PHP 3,264.69
    July 16, 2020: PHP 3,264.69

    However, you may opt out and continue with your original payment schedule. Please refer to the next question below.
  4. Can I still stick to my original scheduled payment schedule?
    Yes, you can. If you prefer to stick to your originally scheduled payments you can opt-out of the Grace Period plan by replying to the SMS we sent out on or before Thursday, May 28 2020. By opting out, your monthly repayment amount and due dates will remain the same based on your original contract.For contracts with amounts originally due between Mar 16 to May 31, please pay these on or before your original due date after May 31 to avoid late fees. Please read the opt out guidelines below for more details.
  5. But I already paid during the period of enhanced quarantine. What will happen now?
    If you paid on the date of your original deadline, we will put it as an advance for the succeeding payment period.
  6. I still want to pay during quarantine, what payment channels are available?
    You can still pay online via UnionBank, Bayad Center, and Dragonpay. For more instructions, please go to this link here
  7. What happens if I opt-in and I’m suddenly able to pay the remaining principal amount before my last repayment?
    You can email info@bukas.ph requesting to preterminate the contract. Our credit team will send an adjusted amount to pay that will waive any remaining interest since you will pay the full principal even before the payment date.
  8. What will happen to my late payment fees prior to Enhanced Quarantine Period?
    Late fees before the period of quarantine are still in effect but you may address any payment issues and concerns by emailing info@bukas.ph.

OPT OUT GUIDELINES

  1. I opted-out via SMS. What should I do next?
    Kindly wait for an email to be received from info@bukas.ph. This email confirms that we have received your opt-out and will provide the succeeding instructions. The original payment schedule will reflect after paying the amounts originally due between Mar 16 to May 31. Please pay these on or before your original due date after ECQ is lifted. There are no late fees charged for the period during quarantine. If you did not receive this email, send us a message on Facebook or email us at info@bukas.ph so we can assist you.
  2. My payment schedule is still using the 30-day extension. When will it reflect back my original schedule?
    If you do not have any past due amounts prior to the ECQ, then you need to pay your previous due amounts (amounts affected by the ECQ) along with your next due amount on or before your next available due date (original due date after ECQ) to revert your account back to the original payment schedule. Afterwards, the original repayment dates should reflect within 2 business days.
    If you have past due amounts prior to the ECQ, then you cannot revert back to your original payment schedule. You will follow the extended payment schedule.
    Sample Illustration:
    Customer availed of a Tuition Installment Plan with the following details:
    Total Principal Amount: PHP 30,000
    Monthly Repayment: PHP 3,025
    Scheduled Repayment: Every 16th of the month
    Payment Due Dates Affected by ECQ: March 16 and April 16 2020
    ECQ Extension Payment Schedule: After the grace period of the Bayanihan Act, the accrued interest from the grace period will be split evenly on the remaining monthly repayments. Monthly due with the grace period applied:
    March 16, 2020: PHP 0
    April 16, 2020: PHP 0
    May 16, 2020: PHP 0
    June 16, 2020: PHP 3,264.69
    July 16,2020: PHP 3,264.69
    Original Payment Schedule (Opt-out Option): After the grace period of the Bayanihan Act, the dates will be rolled back to the original schedule after the repayment of all dues between March 16- May 15. No late fees will be charged.
    March 16, 2020: PHP 0
    April 16, 2020: PHP 0
    May 16, 2020: PHP 0
    June 16, 2020: PHP 12,100.00 (payment for March, April, May, and June dues)
    July 16, 2020: PHP 3,025.00
  3. I already opted-out and my original dashboard shows, do I have to opt-out again with this new extension?
    If your account was successfully rolled back, there is no need to opt-out again. If you have any issues on this, kindly email us at info@bukas.ph