In short
Only two banks state a restructuring example: BPI's 2021 payment relief options and RCBC's now-closed Loans Care Program. It paused payments up to 90 days with no interest-on-interest.
Metrobank charges PHP 5,000 to amend an existing car loan's terms. BSP MORB Sec. 304 defines what a restructuring can change (principal, maturity, rate, collateral) but leaves approval to the bank.
BSP Circular 1084 is sometimes cited as the legal basis for restructuring; it covers bank capital rules, not borrower relief.
- Legal basis for restructuring
- BSP MORB Sec. 304 (defines the agreement; does not compel approval)
- BSP Circular 1084 relevance to restructuring
- None; it covers bank capital adequacy, not borrower relief
- Banks compared for a restructuring program
- 8
- Restructuring examples stated
- 2 (BPI 2021 relief options; RCBC historical Loans Care Program)
- Cure period before a missed payment counts as past due
- Up to 30 days, at the bank's discretion (MORB Sec. 304)
- Only fee found for amending an existing car loan
- Metrobank PHP 5,000 (term reduction, rate or due-date change; extension not listed)
Can you restructure a car loan in the Philippines?
Yes, but no law or BSP circular gives you the right to one. A restructuring is a formal agreement between you and your bank that changes your loan's principal, maturity, interest rate or other terms.
This makes the debt payable again (BSP MORB Sec. 304). The bank decides whether to grant it.
No bank advertises a standing restructuring program. Two lenders state something specific: BPI's 2021 payment relief options and RCBC's now-closed Loans Care Program.
No bank currently advertises an open restructuring product for car loans.
BSP Circular 1084 is sometimes named as the legal basis for restructuring. That circular amends bank capital adequacy rules and contains no borrower relief provision.
The real citation is MORB Sec. 304, which defines a restructured loan and lists what can change. It does not require a bank to say yes.
See car loan requirements for what lenders ask for on a fresh application. Much of that overlaps with what they ask for on a restructuring request.
What can actually change in a restructuring?
MORB Sec. 304 lists what a restructuring agreement can modify. It can change the principal due, the maturity date, the interest rate and other charges, the collateral, or other terms and conditions.
Whichever bank you use, your request is asking for one or more of these.
BPI is the only bank here with a stated, though dated, menu of options. Its January 2021 advisory (framed around pandemic income loss; current 2026 availability not stated by BPI) lists four choices.
During a Pay-Break, BPI does not charge late penalty fees or interest-on-interest, though the unpaid principal keeps accruing interest. A Term Extension triggers Documentary Stamp Tax because the loan's legal terms change.
No other bank compared here (BDO, Metrobank, Security Bank, RCBC, UnionBank, EastWest) states a live options menu like this for auto loans.
- Pay-Break (Grace Period)
- Suspends due dates for a set window; maturity unchanged; no late fees or interest-on-interest; principal still accrues interest
- Term Extension
- Moves maturity later; lowers the monthly amount; triggers Documentary Stamp Tax
- Pay-Break plus Term Extension
- Combines both, then the re-computed installment applies
- Short-term interest-only period
- Pay interest only for a finite window, then resume the original term or an extended, re-computed one
How to request a restructuring: the steps
No bank compared states an identical process. Treat this as the common sequence across the lenders with stated steps (mainly BPI), plus RCBC's historical document list for the auto-specific requirement.
- Contact your lender before you miss a payment
Call or message your bank's loans department as soon as you know you cannot make an upcoming due date. BSP lets banks offer a cure period, capped at 30 days, before a missed payment counts as past due. An early call keeps that window open.
- Ask what restructuring options are currently open
Options and availability differ by bank and by year. BPI's stated example covers a Pay-Break, a Term Extension, or a combination. Ask your own lender directly, since no other bank compared here states a current menu.
- Submit a written request or option letter
State the reason for the request and the change you want. RCBC's historical CARE Program required a request or option letter naming the loan modification. Treat a written request as the standard first document for any lender.
- Request or option letter stating the reason and the change requested
- Provide identification and proof of income
BPI's process asks for valid IDs and income documents matched to your source of income. It also asks for a Special Power of Attorney if someone else is filing on your behalf.
- Valid government ID
- Income documents matching your income source (payslip, ITR or business proof)
- Special Power of Attorney, if someone else is filing for you
- Provide any collateral-specific document your lender asks for
For an auto loan under RCBC's now-closed CARE Program, this meant a selfie photo of the borrower with the vehicle. That confirmed the collateral was still in the borrower's possession. Ask your own lender whether its current process has an equivalent requirement.
- Selfie photo of the borrower with the vehicle (RCBC's historical requirement for auto loans)
- Keep paying the original amount while your request is reviewed
BPI tells borrowers to keep paying original monthly dues during evaluation, to avoid additional charges if the request is not approved.
- Sign the new agreement once approved
BPI finalizes approved requests with a Conforme Letter, signed at a branch or through e-signing. Read the new schedule before you sign; the signed document is what actually changes your loan.
- Conforme Letter or restructuring agreement
The RCBC Loans Care Program: a real restructuring packet
RCBC stated a genuinely detailed restructuring program named the Loans Care Program, covering Auto, Home and Personal Loans. It is historical: RCBC's own page states the offer applied to due dates from December 17, 2021 to January 16, 2022.
Treat it as an example of how a Philippine bank has structured relief before, not as a program you can currently enroll in. No other lender names a program with this much detail.
That is why it is worth understanding even though it has closed.
| Option | What it did | Documents required |
|---|---|---|
| Moratorium | Deferred due dates up to 90 days after the affected due date; maturity extended accordingly; no interest-on-interest, penalties or other charges during the pause, only continued interest on the outstanding principal | Request or option letter; valid ID |
| Extended CARE Program | Extended moratorium beyond 90 days for qualified applicants | Request or option letter; valid IDs of borrower and co-borrower; proof of income; completed CARE Application Form; for auto loans, a selfie picture of the borrower with the collateral |
If your bank does not name a program like this, ask directly whether it runs an unpublished, case-by-case restructuring process. EastWest's and UnionBank's own loan contracts list restructurings as part of the secured obligation, meaning they are contractually anticipated even without a marketed program.
What does a restructuring cost?
The only bank that states a fee tied to changing an existing car loan's terms is Metrobank.
It charges a PHP 5,000 Amendment of Loan Details processing fee, listed for a change in interest rate, rate-fixing period, due date or term reduction. Metrobank's stated amendment list does not name a term extension specifically.
BPI does not state a peso figure for its relief process. It only says that appraisal fees, notarial fees, Documentary Stamp Tax and other bank charges apply as applicable.
A Term Extension, alone or combined with a Pay-Break, triggers DST because the loan's legal terms change.
If restructuring is not available or does not fix your situation, moving the loan to a new lender is a separate route.
Metrobank's own takeout and refinancing fee is 2% of the outstanding balance or PHP 15,000, whichever is higher, and its prepayment fee is PHP 7,500.
Compare that path in how to refinance a car loan, and check Metrobank's or RCBC's current rates before committing to either option.
Before you agree to anything: a checklist
A phone call is not a restructuring. Nothing has changed on your loan until it is in writing.
5 of 5 still to check
What happens if restructuring does not happen?
If you miss the bank's cure period, capped at 30 days under MORB Sec. 304, without an agreed change, your loan becomes past due. It can then move toward default and repossession.
See car loan repossession guide for what happens next; that process is not repeated here.
Is refinancing or early payoff a better fit?
Restructuring changes your existing loan with your existing lender. Two different moves are sometimes confused with it.
One is paying off the loan early with your own cash, covered in car loan early termination guide. The other is moving the loan to a new lender entirely, covered in how to refinance a car loan.
If your problem is the interest rate rather than your ability to pay, refinancing to a lower rate may help. This solves it without asking your current bank for relief.