US$ Dollar Payments for Dollar Policies

Premium payments for dollar policies are due in US Dollars and are collectible in US Dollars. The acceptable forms of payment are:

Dollar Bills

• US$ Dollar bills are acceptable for premium payment. Due to current banking restrictions, however, coins CANNOT be accepted for premium payments.
• US$ bills presented for premium payments are accepted subject to final BSP/bank acceptance. The company reserves the right to reverse the payment acknowledgement should there be any problems encountered with the US$ bills presented for payment.

US$ Drafts/ Checks

• US$ drafts/checks acceptable are those drawn against local and foreign banks’ Foreign Currency Deposit Units (FCDUs) operating in the Philippines.
• US$ drafts drawn against banks in the United States are also accepted.
• US$ drafts drawn against banks in other countries are accepted, however, may be subject to additional bank charges, as well as clearing time.

Personal Checks

• Personal checks drawn against US Dollar deposit accounts may similarly be accepted when drawn against US$ accounts maintained locally in US Banks.
• Personal checks drawn against US$ deposit accounts in other countries are acceptable but may be subject to additional charges and/or clearing time.
• Moreover, personal checks are acceptable only as payment for the drawer’s policy(ies) or for those of his immediate family.

NOTE: Change shall not be given for excess-value US$ check/ draft and US$ bill payments. Excess payments greater than the premium tolerance will be applied to loan repayment, if any, or credited as a deposit on the policy. The deposit may be deducted from the next premium due on the policy.