Starting June 2023, you can now settle your International Trainee Network (ITN) placement fee through 12 monthly installments.
I. Requirements to apply:
- Both you and your co-borrower must be a Filipino citizens;
- Both you and your co-borrower must be at least 18 years old;
- You are a trainee or you are a parent / guardian of student applying for an internship through of International Trainee Network (ITN).
- Your co-borrower has a source of income, a checking account and post-dated cheques.
- You will need to prepare the following documents to apply:
- J1 Program Invoice
- Signed contract with ITN
II. How to Apply
- Create an account at app.bukas.ph and fill up your profile.
- Verify your identity by preparing a valid ID and completing the Liveness Test.
- Select your co-borrower as your source of income.
- Apply for an installment plan by entering your placement fee information.
- Enter the exact amount of Php 170,786.25 for the placement fee. This is the PESO equivalent of USD 2,996.25. Note that the final approved amount is subject to foreign exchange conversion rates on the date of signing.
- On the Tuition Assessment form field, upload your J1 Invoice and your Signed contract with ITN in one (1) PDF.
- Submit your application and wait for feedback on your application. You will receive an update regarding your installment plan after 3-5 working days.
- To fully review and process your application, our Assessment team may ask you to revise some details (sample reason for revisions: blurred picture, outdated document, etc.). Applications with unresolved revisions will remain on hold which is why we highly suggest completing the required revisions immediately.
- We will notify you of the results of your application.
III. Post application Process
Should you be approved, these are the next steps:
- Trainee's guardian needs to have / open a checking account and post-dated cheques.
- Trainee pays the downpayment to ITN and proceeds to process the visa.
- Once the Visa is approved, students submits the following documents to Bukas. Note that you will need to submit these documents to the physical office to the Bukas office in Makati City.
- Copy of Visa
- Copy of Ticket
- Copy of DS 2019 or (Certificate of Eligibility for Exchange Visitor Status (J1 -Non Immigrant)
- Post dated cheques
- Statement of account of the co-borrower’s checking account.
- Copy of co-borrower’s Valid ID with signature
- Copy of the Official Receipt for the Down Payment (25%-30% of the placement fee)
- You and your co-borrower will need to sign the contract physically.
- We will activate your agreement and send the placement fee directly to ITN. Your agreement will be activated on the same day as your start date as indicated in the ITN contract. Repayments begin one (1) month after the start date.
As soon as you are approved, we will reach out to you with the next steps!
IV. Managing Bukas repayments
Payments for a Bukas Installment plan can only be made through twelve (12) post-dated cheques (PDC). Postdating a check means dating a cheque a future date. The recipient will only be able to deposit or encash the cheque on the provided future date. You will need a checking account to issue PDCs.
Write the following details on your post-dated cheques:
- Payee: Bukas Finance Corp.
- Date: Post-date each cheque on the same day of the month. Follow this format (MM / DD / YYYY)
e.g. If your contract starts on May 1, 2023, your post dated cheques should be dated:
- 1st PDC - 06/ 01/ 2023 (30 days from the start date on contract)
- 2nd PDC - 07/ 01/ 2023
- 3rd PDC - 08/01/2023
- 4th PDC - 09/ 01/ 2023
- until the 12th PDC - 05/01/2024
- Account no. and Name of the Account Holder (as needed, depending on your bank.)
- Signature of the Account Holder
Managing post-dated cheques:
- Make sure that your checking account always has sufficient funds especially on the dates indicated on your PDCs.
- Note than cheques that are not funded will lead to a bounced cheque. This is legally a punishable offense and, often, have large penalties. These penalties may be deducted directly from your checking balance.
- Because the main payment method are PDCs, note that you will not be able to pre-terminate your account.
We are happy to help! If you need further assistance, you may schedule a call with us here.