Bayanihan Recover as One Act
Blend.ph remains compliant to Bayanihan II
Last September 11, 2020, President Rodrigo Duterte signed the Bayanihan to Recover as One Act, commonly known as Bayanihan 2, as relief a measure to protect the country now that the pandemic is still not over. This act is well-known for giving the president additional powers that give priority to health-related initiatives, including testing and giving support to our frontliners.
However, there’s another thing that you should know about.
In the Bayanihan 2 act, there is also a part that is directed to loans and lending. The scope includes banks, insurance companies, financing companies, banks, real estate developers, pre-need companies, SSS, GSIS, PAGIBIG or HDMF, and other lending institutions. The loans mentioned in the law include the following loans: salary, personal, commercial, housing, credit cards, financial lease, amortization, vehicle loans, and other similar things.
As stated in this RA 11494, loans must be given a mandatory 60-day grace period for payments without adding any additional charges, fees, or penalties. The scope of this act includes all existing, current, and outstanding loans.
Here at Blend.ph, we express our full support to our government’s decisions and we are in strict compliance with the provisions stated in Bayanihan Act II. We extend the grace period, as mandated by law, to all our borrowers should they need ample time to gather funds for their loan repayment. We sincerely hope that this step provides our lenders some relief during these trying times.
Please take note that the accrued interest for the one-time 60-day grace period must be settled on a staggered basis up to December 31, 2020. However, our borrowers can reach and talk to the Blend.ph on how they want to proceed with these provisions.
If you have questions about your existing loan and how Blend.ph applies the Bayanihan Act II, you can email us at [email protected].
New Way Of Funding
Blend.ph Introduces A New Way Of Funding
We’re streamlining our investment process to make it easier for you, our dear investors. As we review the lending cycle on our platform, our team seeks ways to make the investment process quicker and easier to accomplish.
To our current and aspiring investors, take note of this new funding process that we will implement starting (date).
Say goodbye to the days of bidding for a loan and competing with other investors!
In our new way of funding, lenders that are seeking to fund loans will immediately receive a prompt to dictate the amount they seek to invest for our available fundable loans. They no longer have to bid on a lower interest rate and wait for the loan auction period to end. In our new process, the interest rate will be determined depending on the set risk type based on the assessment of our credit risk team.
Once the amount was set by the investor, the only change they can do is to add to their investment amount. This action is also limited up until the full loan amount is completed or up until the expiration date is reached.
The minimum amount that our investors can put in remains at PHP 5,000 and can be increased in increments of said amount.
Should the investor wish to pull out their funds, they can do so through clicking the cancel button within 24 hours of placing their investment or up until the full loan amount is funded. Once funding is completed, processing and disbursement are triggered, and we can no longer disrupt the process.
For clarity, please expect additional materials and resources in the coming days to help you get the hang of our new funding process.
We love to hear from you. Let us know the factors you want us to improve on to make Blend.ph the best. Please email your comments and suggestions at [email protected] and we’ll look into your concern.
We utilize best practices and industry guidelines to comply with industry-accepted general protection and privacy structures, which thusly enables our users meet their own levels of compliance.
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