MANILA - BDO Unibank on Thursday said qualified clients may apply for the 60-day grace period on payment of loans under the Bayanihan to Recover as One law or Bayanihan 2.

The Bayanihan 2 law required all covered financial institutions to implement a mandatory one-time 60-day grace period to all existing, current and outstanding loans falling due on or before Dec. 31 this year.

BDO said qualified clients are those with existing loan accounts in current status before Sept. 15.

Clients may send a text or SMS to the bank to avail of the grace period. This covers home, auto, SME and personal loans. For credit card loans, the bank said it will send an SMS 5 days before due date.

“Please note that the grace period is one-time starting from the due date date concerned plus 60 days. No late payment, penalty interest, fees and charges will be imposed for that period,” it said in an advisory posted on its website.

“After the grace period, the client may pay the principal and accrued interest for the 60-day grace period in full or on a staggered basis until December 31, 2020.”

BDO added it will continue to process payments under its auto debit arrangements and post dated checks.

Regular payment channels for credit cards will also be accepted.

“This will ensure that your loan account remain in current status and your outstanding loan balance updated as scheduled,” it said.

The government also earlier implemented a 30-day reprieve on some monthly payments to help consumers cope with the COVID-19 pandemic.

• Duterte signs Bayanihan 2 into law
• BSP sees 'no further extension' of 60-day loan reprieve under Bayanihan 2