What is Bayanihan Act 1: Bayanihan to Heal as One Act?

Bayanihan 1 (Bayanihan to Heal as One Act) Grace Period Provision:

Latest release on 05/18/2020

All students with an activated plan will not be required to pay their payment dues within the covered period from March 16 to May 31, 2020. Any payment due within the grace period will be moved to June 2020 onwards, kasama na rito ang mga succeeding due dates. This also means that the loan maturity will extend depending on how many monthly payments were within the covered period.

Para makita ang iyong adjustment payment table, you may log in to your Bukas account and check your dashboard. Lahat ng payment deadlines na kasama sa covered period ay mamamarkahan ng “waived.”

Please note that while no late fees or interest on interest will be charged during the grace period, Section 5.02 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 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, April 16, and May 16
New Due Date of Next Payment after grace period: June 16
Loan Term Extension: 3 months
Original Maturity Date: February 16, 2021
New Maturity Date: May 16, 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:

March 16, 2020: waived
April 16, 2020: waived
May 16, 2020: waived
June 16, 2020: PHP 3,264.69
July 16, 2020: PHP 3,264.69

May 16, 2021: PHP 3,264.69 [Maturity Date]

The adjusted payment dates will reflect on all qualified Bukas installment plans. However, students may opt out of the Bayanihan 1 Grace Period by replying to our SMS notification on or before the deadline on May 28, 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].