How to Avail of the Credit Card Amnesty Program in the Philippines

While the use of a credit card allows a person to purchase items in credit, at the end of each month a bill will arrive stating the financial obligation the credit card owner needs to pay. There are a lot of good reasons and factors why one person should use a credit card like being able to purchase in advance before monthly income comes in, and to be able to work on a good credit score and history. However, a misuse of a credit card can also spell badly for its owner. Are you worried about your existing credit card debt and not sure how to handle and managed it? 

What is Credit Card Amnesty Program in the Philippines?

The credit card amnesty program in the Philippines helps credit card owners with existing credit card debt settle their unpaid balances. This program offers lower interest rates and longer repayment term to help the credit card owner back on his track and to improve credit standing. 

The Bangko Sentral ng Pilipinas, Banco de Oro, and Credit Card Association of the Philippines (CCAP) member-banks have a debt restructuring program called the Interbank Debt Relief Program (IDRP) to help credit cardholders settle their unpaid credit card sccounts. This is a repayment plan that consolidates and restructures your credit card debts It is manageable way to pay off all your credit card debts. Most importantly, it will not negatively affect your credit history.

How do you qualify for the amnesty program?

Credit card holder must be Filipino with at least one credit card from two of the participating banks. You must have at least PHP 10,000 outstanding balance per credit card and at least PHP 100,000 total credit card obligations for all credit cards. And your age plus the repayment term of the restructured credit card accounts should not exceed 65 years. A co-maker or guarantor is also required if the applicant exceeds the 65 combined age limit, has no income source, or earns an insufficient income to cover the monthly amortization.

How to Apply for Credit Card Amnesty


What does credit card amnesty program offers?

The credit card amnesty program offers low-interest rates ranging from 0% to 1.5 with long repayment terms ranging from 12 to 16 months (extended up to 10 years for extreme cases of credit card debt). Same interest rates and repayment terms applied to all unpaid credit card accounts.

Banks That Provide Credit Card Amnesty in the Philippines

  1. Asia United Bank (AUB)
  2. Bank of Commerce
  3. Bank of the Philippine Islands (BPI)
  4. BDO Unibank, Inc. (BDO)
  5. China Banking Corporation
  6. EastWest Banking Corporation
  7. Equicom Savings Bank
  8. Hongkong and Shanghai Banking Corporation Ltd. (HSBC)
  9. Citibank, N.A. Philippine Branch
  10. Maybank Philippines, Inc.
  11. Metrobank Card Corporation
  12. Philippine National Bank (PNB)
  13. Rizal Commercial Banking Corporation (RCBC)
  14. Standard Chartered Bank
  15. UnionBank of the Philippines

How to apply for credit card amnesty or IDRP and document needed:

Contact your credit card issuing bank regarding the amnesty program. If you have several credit cards, the credit card provider with the highest combined outstanding balance will be the lead bank to process your credit card amnesty application. Below are the requirements that you may need for the application

  1. Accomplished application form
  2. Valid government ID of the applicant and co-maker (if required)
  3. Statement of income and expenses
  4. Proof of income
  5. Proof of other sources of income
  6. IDRP Payment Agreement Contract signed by the applicant and co-maker (if applicable)
  7. Debtor’s consent form, promissory note, or post-dated checks

Can I apply for a new credit card after fully paying my credit card debt?

Yes. Once you have fully settled your financial obligation, you can apply for a new credit card. However, the application is still subject for approval based on your financial status and capability. The CCAP recommends to wait at six to twelve months from completing replaying and applying for a new credit card.