"Bayanihan to Recover As One Act" (BARO Act) FAQs


In accordance with the requirements of RA 11494 or the "Bayanihan to Recover As One Act" (BARO Act) and its related implementing rules and regulations, and issuances from the regulators, CTBC Bank will further grant a one-time 60-DAY GRACE PERIOD for all its loans that are existing, current (not past due) and outstanding loan status, covering payments with principal and interest falling due within September 15 to December 31, 2020.

To maintain your good loan standing with the Bank, please be guided by the FAQs below.

Click here for the related BSP Memorandums.


QUESTION
RESPONSE
What are the inclusive due dates covered by the BARO Act?
Period covered shall be amortization payments falling due within September 15, 2020 to December 31, 2020.
Who are qualified for the one-time 60-day grace period?
Qualified clients are Salary Stretch (Personal and Corporate), Mortgage, SME and Back-to-Back Loan clients whose accounts are existing, current (not past due) and outstanding loan status before September 15, 2020. Loans booked September 15, 2020 and onwards are not qualified.
Are there any documents that we need to fill out and/or submit?
Yes, the Bank shall document the movement of the payment due dates as deemed proper.
How do I avail of this one-time 60-day grace period?
If you choose to avail, you may send an email with subject: "TYPE OF LOAN / WILL AVAIL THE ONE-TIME 60-DAY GRACE PERIOD / your FULL NAME / LOAN ACCOUNT NO." five (5) calendar days before your loan due date, or contact:

Asset Recovery Management
Customer Care Department
  • 8840-1234 (Metro Manila; Monday to Sunday, from 6:00 AM to 9:00 PM)
  • 1-800-10-8401234 (Toll-free from other provinces through PLDT)
  • customercare@ctbcbank.com.ph
For International Toll-free numbers, please visit www.ctbcbank.com.ph.
What will happen if I do not OPT IN or avail of this one-time 60-day grace period?
If we do not receive an OPT IN request from you, the upcoming due dates will be as is. Your loan maturity date will remain as originally scheduled and no accrued interest will be charged to your account.
Will availment of the one-time 60-day grace period affect my loan term?
Yes, your loan maturity date will be extended depending on the number of deferred amortization payments, with corresponding interest accrual.

To illustrate:

Scenario 1 : (Availed the one-time 60-day grace period)

Loan Due Dates covered by the Grace Period:
Two (2) months – October and November 2020

Original Loan maturity date: September 30, 2021
Extended maturity date (new): November 30, 2021

Scenario 2 : (Availed Bayanihan 1 moratorium AND the one-time 60-day grace period)

Loan Due Dates covered by the Bayanihan 1 moratorium
Two (2) months – March and April 2020

Loan Due Dates covered by the one-time 60-day grace period:
Two (2) months – October and November 2020

Original Loan maturity date: September 30, 2021
Extended maturity date (Bayanihan 1 and one-time 60-day grace period):
January 31, 2022
What is accrued interest and how will it be applied?
In accordance with the Implementing Rules and Regulations (IRR) under the "Bayanihan to Recover As One Act (BARO Act)", interest shall accrue on the outstanding principal balance of the loan at the time of loan moratorium/grace period assistance no later than December 31, 2020*.

*For borrowers who availed for the one-time 60-day grace period on their due dates falling in September or October 2020, accrued interest shall be paid not later than December 31, 2020.

*For borrowers who availed for the one-time 60-day grace period on their due dates falling in November or December 2020, accrued interest shall be paid not later than March 31, 2021.
How much will be the rate for the interest that shall accrue? ?
Prevailing interest rates at the time of the one-time 60-day grace period shall be charged.
My loan amortization which I chose to defer under this one-time 60-day grace period has been collected (check payment negotiated/enrolled deposit account debited). Can that be corrected?
No, but we may apply the one-time 60-day grace period on your succeeding amortizations until December 31, 2020.
What if my outstanding loan is in past due status as of current date, am I still qualified for the loan moratorium?
No. Only loan accounts that are existing, current (not past due) and outstanding loan status before September 15, 2020, may avail the one-time 60-day grace period. Loans booked September 15, 2020 and onwards are not qualified.
I do not know when I will be able to afford the repayment of my existing loan. What options do I have to update my account?
To know more about the Bank's debt relief program, you may send an email to accountsreceivables.management@ctbcbank.com.ph.
What will be the impact of the non-payment on my account during the one-time 60-day grace period?
Necessary adjustments will be made to ensure that your account remains in the same credit standing as it was prior to the one-time 60-day grace period.
Are there any other payment channels where I can settle my loan?
For Salary Stretch Personal Loan payments, you may settle in any of the following outlets*:
  • M.L. Lhuillier (select branches)
  • ECPay accredited merchants
  • UnionBank branches
*To fund your other bank checks, please visit your bank.

For SME and Mortgage loan payments, please visit any CTBC Bank branch near you.
How can I reach the Bank in case of further queries or clarifications?
You may contact us through:

Asset Recovery Management
Customer Care Department
  • 8840-1234 (Metro Manila, Monday to Sunday, from 6:00 AM to 9:00 PM)
  • 1-800-10-8401234 (Toll-free from other provinces through PLDT)
  • customercare@ctbcbank.com.ph
For International Toll-free numbers, please visit www.ctbcbank.com.ph.