Criteria for Determining Past Due Status of Loans Payable in Installments
- The total outstanding balance of installment loans is considered past due based on the following arrears schedule:
- Monthly: 3 installments in arrears
- Quarterly: 1 installment in arrears
- Semi-annually: 1 installment in arrears
- Annually: 1 installment in arrears
- Regardless of the above, if arrearages reach 20% of the total outstanding loan balance, the entire balance is considered past due.
- For payment modes not listed (daily, weekly, semi-monthly), the entire outstanding balance is past due when arrearages reach 10% of the total loan balance.
- "Installments" refer to principal and/or interest amortizations due on specified dates in the loan documents.
Legal Effectivity and Authority
- These amendments were approved by the Monetary Board under Resolution No. 707 dated May 5, 2000.
- They amend provisions in Circular No. 202 (1999) and Circular No. 143 (1997).
- The Circular takes effect immediately upon adoption by the Acting Governor of the Bangko Sentral ng Pilipinas on June 26, 2000.