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Updates on the R.A 11494 or the "Bayanihan to Recover As One Act"



With reference to BSP Memorandum No. M-2020-074: Implementing Rules and Regulations (Rules) and Frequently Asked Questions (FAQ) on Section 4(uu) of the R.A. No. 11494 or the “Bayanihan to Recover As One Act”, please be guided as follows:


1. What is Bayanihan to Recover As One Act (BARO) and how does it apply to me as borrower?


The Bayanihan to Recover As One Act is a law that aims to assist Filipinos during these uncertain times. The BARO requires all Bangko Sentral Supervised Financial Institutions (BSFIs) with lending operations to implement a mandatory one-time sixty (60) day grace period to all existing, current and outstanding loans.


Advantage Lending Corp is a BSFI and will be complying with this.



2. Who are entitled for the mandatory 60-day grace period?


Only borrowers whose accounts are in current status as of September 15, 2020 are entitled for the mandatory 60-day grace period.



3. How will the 60-day grace period under the BARO Act be applied?


It is one-time and non-extendible 60-day grace period for current and existing accounts with due dates falling from September 15, 2020 until December 31, 2020.


There will be no interest on interest, penalties or other charges but “accrued interest” for 60 days will be charged based on the outstanding principal balance of your loan at the time you applied for the 60-day grace period.


In applying the 60-day grace period, the remaining term of the loan will be extended by two (2) months.


Payment of regular amortization will resume on the next due date after the applied 60-day grace period.



4. Can I choose when to avail or apply for the 60-day grace period?


Yes. You can choose from any of your due dates starting from September 15, 2020, October, November and December 2020, which you want to apply for the 60-day grace period.


5. When should I pay the “accrued interest” mentioned above?


It depends when you will apply for the 60-day grace period.


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


For borrowers who applied for the 60-day grace period on their due dates falling on November or December 2020, accrued interest shall be paid not later than February 28, 2021.



6. Can I decide not to apply for the 60-day grace period?


Yes, you may decide not to apply for the 60-days period to keep the original term of your loan and avoid payment of “accrued interest” mentioned above.


You have to notify or inform Advantage Lending Corp thru the PayRemit Platform of your decision on whether to apply or not for the 60-day grace period.



7. How can I notify or inform Advantage Lending Corp of my decision on whether to apply or not for the 60-day grace period?


Advantage Lending Corp thru PayRemit sends a reminder to borrowers SMS number provided during the loan application. It states in the message to contact your Loan agent or message our Customer Service. To Contact our customer service, Kindly download the PayRemit App and click the chat button.


8. What will happen to my account if I did not or fail to inform Advantage Lending Corp thru PayRemit App of my decision on whether to apply or not for the 60-day grace period?


We will still send messages and contact the Borrower thru the provided mobile number for reminders of the upcoming due or even the past due but Advantage Lending Corp will not add any penalty on top of the monthly due.

For other concerns or queries, kindly refer to the BSP Memorandum No. M-2020-074: Implementing Rules and Regulations (Rules) and Frequently Asked Questions (FAQ) on Section 4(uu) of the R.A. No. 11494 or the “Bayanihan to Recover As One Act”

















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