List: Financial Institutions for MUPs That Will Suspend Loan Payment Collections

It’s pretty sure that you all know by now that a bill was passed by the Congress and was signed into law by President Duterte on the evening of March 24, 2020 – the Republic Act No. 11469 or “Bayanihan to Heal as One Act”.

The law serves as the national policy to manage and counter the threats of COVID-19. Such threats include not only the health-related but also that of peace and order, security, and even economic ones.

The law is an authorization for added powers vested to the President of the Republic in relation to the threats mentioned. It includes the power to mandate all financial institutions, both private and public, to provide a 30-day grace period for the payment of all kinds of loans.

Our Online Petition

In our own little way, we started a simple online petition, humbly asking the financial institutions that are catering to the uniformed servicemen in the Philippines, to suspend at least a month of loan payment collection.

The Petition was going strong and was able to gather almost 15,000 supporters in one week, until we declared Victory on March 26, 2020.

List of Financial Institutions offering Suspended Collection of Loan Payments

These Financial Institutions are listed below. We will also try to explain how and when are these suspension of loan payment collection be implemented.

DISCLAIMER:

The information shared in this article are all based on the official pronouncement of the respective from financial institutions. In case there will be changes, we will update accordingly.

1. AFPSLAI

AFPSLAI is first in our list as we are recognizing their decision to give One Month Suspension of Loan Payment Collection for all types of loan and for all modes of payments of these loans, even without the law mandating it. Good Job AFPSLAI!

• Length: One (1) Month
• When: March 2020 but since deductions were already made for this payperiod, it will roll over and take effect on April 2020
• Reason: Management knows of the financial distress of members
• Terms: No penalties, No interests
• Coverage: all types of loans of Active and Retired/includes Automatic deductions and over-the-counter payments (if OTC due falls on March 16 to April 19)
• Important Note: all loans thru automatic deductions will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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2. AFPMBAI

• Length: 30 days Payment Moratorium for Auto-deductions/60 day payment extension for Over-the-counter payments
• When: It will take effect on April 2020
• Reason: In compliance to RA 11469
• Coverage: All types of loans of Active and Retired/includes Automatic deductions and over-the-counter payments (if OTC due falls on March 1 to April 30)/Insurance Policy Premiums
• Terms: No penalties, No interests
• Important Note: All loans thru automatic deductions will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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3. PSSLAI

• Length: One (1) Month extension of ALL loan payment
• When: It will take effect on April 2020
• Reason: In compliance to RA 11469
• Coverage: All types of loans of Active and Retired (Pension)/ includes Automatic deductions and over-the-counter payments
• Terms: No penalties, No interests
• Important Note: All loans thru automatic deductions will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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4. KAMPILAN MPC

• Length: One (1) Month suspension of ALL loan payment
• When: It will take effect on April 2020
• Reason: To show full support members
• Coverage: All types of loans/ includes Automatic deductions and over-the-counter payments (OTC payments due should fall between March 16 to April 16 – payment extended until April 30)
• Terms: No penalties
• Important Note: All loans thru automatic deductions will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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5. PSMBFI

• Length: 30-days suspension for payment of ALL loans
• When: It will take effect on April 2020
• Reason: In compliance to RA 11469
• Coverage: All types of loans/ includes Automatic deductions and over-the-counter payments
• Terms: No penalties, No interests
• Important Note: All loans thru automatic deductions will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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6. AMWSLAI

• Length: One (1) Month postponent of collection of ALL loan payments
• When: It will take effect on April 2020
• Reason: In compliance to RA 11469
• Coverage: All types of loans/ includes Automatic deductions and over-the-counter payments
• Terms: No penalties
• Important Note: All loans thru automatic deductions will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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UPDATED AS OF 28 March 2020

7. PAFCPIC

• Length: One (1) Month Suspension of Loan Deduction
• When: It will take effect on April 2020
• Reason: In compliance to RA 11469
• Coverage: All types of loans/ Automatic renewal back-to-back loan, subject to terms and conditions
• Terms: No explicit info on penalties and charges
• Important Note: All loans will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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8. ACDI MPC

• Length: One (1) Month Suspension of Loan Deduction
• When: It will take effect on April 2020
• Reason: In compliance to RA 11469
• Coverage: All types of loans/ Back-to-back Loan, other over-the-counter loans and investments (Fortune plan, Fortune plus and Edusecure) will be given 30 days extension for payment starting April 1, 2020/
• Terms: No Penalties or surcharges
• Important Note: All loans will be subject to another one month amortization (ma-extend ng isang buwan ang loan term)

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Updated as of 01 April 2020

This is the list released by PNP Finance Service and posted by RFSO ARMM.

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Statement of Gratitude

We, the Servicemen of the Philippines, would like to give our heartfelt gratitude to the management of AFPSLAI for leading the way, and to the rest of the Financial Institutions, for granting the request of your members.

Your benevolent acts will forever be remembered. A true financial institution serving the uniformed is the one with heart and we saw that in you.

Gratefully yours,

Marinong Pulis
And the rest of the Servicemen of the Philippines

That’s all so far. If you know of other Financial Institutions that cater to Uniformed Servicemen, kindly send a Private Message (PM) to our Page.