With commerce at a standstill because of the COVID-19 lockdowns, several companies have stepped up to offer extensions on their payments. This is to keep Filipinos focused on keeping themselves and their families safe and healthy in this time of financial crisis, where the priority goes to food and medicine.
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Here, we have compiled a list of companies providing basic utilities, along with banks and other financial institutions that are offering considerations for late payments and other easier payment schemes.
Meralco assures that households and businesses that are open will have power throughout the duration of the lockdown, with a 30-day payment extension for bills due from March 1 to April 14, 2020. All maintenance activities are also deferred unless necessary, to ensure that they are #KeepingTheLightsOn for all their customers in these trying times.
Maynilad Water Services and Manila Water Company Inc. have suspended meter readings and onsite billing activities. Maynilad and Manila Water say their next water bills issued to affected customers will be computed based on average consumption in the past three months. Corrections will just be applied to subsequent bills once the companies are able to resume the actual reading of meters. Prime Water has also announced that it will offer a 30-day grace period for their bill payments.
Pag-IBIG Fund is offering a three-month moratorium for its member-borrowers, covering the Pag-IBIG Fund Housing Loan, Multi-Purpose Loan, and Calamity Loan borrowers whose payments are due on March 15 until June 15. Members who are living in areas placed under state of calamity because of the Covid-19 lockdowns can now also apply for Calamity Loans online. The calamity loan is payable within 24 months and comes with the initial payment due on the third month after the loan release.
Communications, Internet, and Cable Services
All SkyCable and Cignal Postpaid subscribers will be given a 30-day payment extension from their bill’s due date. Globe Telecom Inc., PLDT Inc. (PLDT Home, PLDT Enterprise), Smart Communications Inc., and Sun Cellular postpaid subscribers are given 30-day payment extensions on mobile and broadband services for bills due from March 15 to April 14, 2020.
Banks and other financial services
Bank of the Philippine Islands (BPI) offers a 30-day grace period will be given to qualified credit card, personal, home, auto, and SME loan clients. At BDO Unibank Inc., customers in good standing are given a 60-day payment extension on credit card, auto, home, SME, and personal loans with due dates of up to April 15, 2020. A 60-day extension is also given to payments on BDO Life and BDO Insure.
Citibank credit card holders in good credit standing with payment due dates from March 16 to April 12, 2020 are given a one-month extension with waived late fees. Metrobank has a 30-day grace period for qualified car loans, home loans, and credit card payments. Late fees are automatically waived and accounts that have been billed for late charges will be reversed accordingly.
East West Banking Corp. Payment due dates for auto, personal, mortgage, and EEL loans, and credit cards will be extended for 30 days for eligible customers. PSBank offers a 30-day grace period on loan payments on qualified auto, home, and personal loan clients.
Security Bank Corp. customers with no past due balance on a credit card, home loan, personal loan, auto loan, business mortgage loan, or business loan due March 16 to April 14, 2020 will be extended for 30 days. United Coconut Planters Bank extends the due date for LoanEasy clients for 30 days. The extension covers UCPB DrivEasy Auto Loan, HomEasy Home Loan, SalarEasy Personal Loan, and BizEasy Business Loans with due dates from March 19 to April 18.
Rizal Commercial Banking Corp. (RCBC) clients in good standing may opt to delay payments by 30 days from the original due date for existing auto, home, personal and salary loans. BPI-Philam Life Assurance Corp. Premium dues that fall within March 1 to May 31 may be paid within 60 days from the due date of policy.
SunLife offers a grace period for premium payments to 91 days, applicable for policies and pre-need plans with due dates between February 15 to May 31, 2020. FWD Life offers an extension of insurance premium payment grace period to 90 days for customers with confirmed COVID-19 cases, and an extension of insurance payment grace period to 60 days for all other customers. Coverage is extended for policy holders with COVID-19 cases for critical illness and death benefits.
PruLife UK payments are given an extended grace period with no interest charges for payments due March 16 to April 30. AXA Philippines is extending its payment grace period from 31 days to 60 days for policies due from February 15 to April 30, 2020 for all health and life insurance policies (individual and group). AXA Global Health Access. In addition, AXA Global Health Access policies will cover treatments and hospitalizations related to COVID-19 until June 30, 2020 (subject to the customer’s plan coverage).
For more information on the payment extensions and coverages, visit the official company websites. With more companies trying to ease the worries caused by the COVID-19 pandemic, it is a good idea to take advantage of these extensions and payment breaks and stay home in order to stay healthy.