What is Bayanihan 2: Bayanihan to Recover as One Act?

Bayanihan 2 (Bayanihan to Recover as One Act) Grace Period Provision:

Latest release on 10/07/2020

Bukas will be implementing a one-time 60-day grace period for qualified customers na may existing installment plans as of September 15, 2020.

Given the grace period, the maturity date of all affected installment plans will be extended by two (2) months from the original maturity date. An adjusted payment schedule will take effect on the payment table of qualified students by October 23, 2020.

Please note that while no late fees or interest on interest will be charged during the grace period, Section 4(uu) of the IRR of the Bayanihan Act states that an accrued interest on the months extended past the original maturity date will still be charged. Para maging mas magaan ang iyong pagbabayad, the total amount of accrued interest will be equally split and added to your remaining scheduled payments.

Sample Illustration:

Student availed of a Tuition Installment Plan on Aug. 14, 2020 with the following details:

Total Principal Amount: PHP 30,000
Monthly Repayment: PHP 3,025
Scheduled Repayment: Every 14th of the month
Payment Due Dates Deferred: Oct 14 and Nov 14
New Due Date of Next Payment after grace period: Dec. 14, 2020
Loan Term Extension: 2 months
Original Maturity Date: August 14, 2021
New Maturity Date: October 14, 2021

The accrued interest will be charged for the 3 month extension. The total accrued interest will be split evenly on the remaining monthly repayments.
Monthly due with the grace period applied:

October 14, 2020: waived
November 14, 2020: waived
December 14, 2020: PHP 3,180.27
January 14, 2020: PHP 3,180.27

October 14, 2021: PHP 3,180.27 [Maturity Date]

The adjusted payment dates will reflect on all qualified Bukas installment plans. However, students may opt out of the Bayanihan 2 Grace Period by replying to our SMS notification on or before the deadline on October 14, 2020.

By opting out, your monthly repayment amount and due dates will remain the same based on your original contract, without any grace period applied.
If the grace period has applied to your payment table but you wish to maintain your original maturity date, you may read more on pre-terminating your installment plan here.

For any concerns, clarifications and requests, please send us an email at [email protected].