Bayanihan to Recover As One Act

To Our Valued Clients,

Pursuant to Bayanihan to Recover as One (BARO) Act, or Republic Act No. 11494, qualified FICOBank clients are entitled to a one-time 60-day grace period for their loans and can choose to avail this grace period for their current and existing accounts with due dates falling from September 15 until December 31, 2020.

Please note that the grace period is one-time starting from the due date concerned plus 60 days. No late payment, penalty interest, fees and charges will be imposed for that period. 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.

Once the grace period ends, FICOBank will collect accrued interest, together with the monthly amortization on the next due date. If the accrued interest will be paid on installment basis, the payment shall be made within the year.

The accrued interest shall be determined using the formula below:

Accrued Interest = Outstanding Balance x Interest Rate x Grace Period Days/360

Clients may still choose to make their regular loan payments at their servicing FICOBank branch/center.

To learn more about the 60-day grace period under the BARO Act, please read the attached IRR and FAQs.

Thank you.



 
 

 

 

 

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