Salary Advance

An instant cash facility that prepares employees for the unexpectedanytime, anywhere.

What is Salary Advance?

Salary Advance is a loan program that allows employees to advance on their next salary in the fastest and most convenient way possible.

Just by sending an SMS, loan proceeds will be credited to their account within 10 minutes. Once it’s in the payroll account, the customer can withdraw the funds through any ATM. Salary Advance is only available to employees whose companies are Salary Advance-Accredited.

Loan Amount
P5,000 to P30,000

Payment Terms
4 days up to 3 months

Approval Time
Within 10 minutes
(on SMS request)

As an Employee

Safe, reliable and cheap access to emergency cash ahead of payday

Easy one-time enrollment

Available 24/7

Get your funds within 10 minutes

Auto-payment via salary deduction

Unlimited re-availments

As an Employer

Focus on your day-to-day business as we handle your employee’s financial needs

Less administrative work

Improve employee retention & morale

Free up working capital

Easy requirements

How to Use Salary Advance

Get Accredited: Employer

  1. Get in touch with the Security Bank team.
  2. Submit the required documents for accreditation.
  3. Wait for the processing and screening of your application (3-4 weeks).
  4. Have the MOA signed and submit post-approval documentary requirements.
  5. Upon approval, we will setup a booth at your office to take your employee’s applications.

Get Enrolled: Employee

  1. Completely fill-out and sign the Credit Agreement Form.
  2. Submit the form together with the documentary requirements.
  3. Wait for the official SMS alert with your enrollment confimation and credit limit.

Accreditation

I am an employer

Prepare your employees for the unexpected. Give them access to the fastest and most convenient salary advance program.

I am an employee

If your company doesn’t offer Salary Advance, ask them to get accredited. Fill out the form and we’ll take it from there.

Eligibility

Employee

  • At least 21 years old and must not be more than 65 years old upon loan maturity
  • Employee of Salary Advance- Accredited Company
  • Filipino / Foreigners/Expats provided term of loan will be co-terminus with contract and/or period of visa’s validity
  • Bank will not perform any checking of employment status (regular/permanent) or tenure. Instead, borrower must have at least 6 months’ worth of payroll credits

Employer

  • Registered business in the Philippines
  • At least 100 eligible employees
  • Payroll client of Security Bank

Requirements

Employee

  • Fully accomplished Credit Agreement Form
  • One Primary ID or 2 Secondary IDs
  • Must have a mobile number and landline
  • With declared 2 reference persons with corresponding contact information during the signing of credit agreement

Employer

  • Memorandum of Agreement (MOA)
  • Secretary Certificate or Board Resolution reflecting authorized signatories of the company
Frequently Asked Questions

What is Salary Advance (SALAD)?
It is a loan program designed and offered by Security Bank that allows employees to advance on their next salary in the fastest and most convenient way possible.

Important note: This is not an employee benefit but a program of Security bank to select payroll clients.

Who can avail?
Salary Advance is only available to employees whose companies are Salary Advance-Accredited.

How to get accredited?
Employers may get in touch with the Security Bank team for accreditation, and submit the required documents for accreditation.

Who is eligible to avail of SALAD?
Minimum requirements:

  • active employee with regular/permanent status of employment
  • with active payroll account of at least six (6) months payroll credits
  • with at least 5,000.00 average Salary Net Credits

Am I automatically enrolled and/or approved to avail the Salary Advance?
No. There is an eligibility requirement to avail Salary Advance. The minimum requirements are:

  • active employee with regular/permanent status of employment
  • with active payroll account of at least six (6) months payroll credits
  • with at least 5,000.00 average Salary Net Credits
  • with no adverse findings

*Applications with discrepancies on account details: name/ employee number, payroll account number, duplicate mobile numbers will be put on hold for further confirmation. A Bank’s representative will call you for additional verification and instructions.

I’m a newly hired employee and have submitted the Credit Agreement Form (CAF), can I already avail Salary Advance?
You may only avail Salary Advance if you have a regular/permanent employment status. The following are the minimum requirements:

  • active employee with regular/permanent status of employment
  • with active payroll account of at least six (6) months payroll credits
  • with at least 5,000.00 average Salary Net Credits
  • with no adverse findings

How much can I avail in salary advance?
Minimum amount that can be availed: P 5,000.00 Maximum amount that can be availed: Assigned credit limit

What does assigned credit limit mean?
The assigned credit limit is equivalent to the individual’s average net salary credited to payroll account for the last 6 months or P30, 000.00 whichever is lower.

Will the assigned credit limit vary from one employee to the other?
Yes. Your assigned credit limit varies depending on the average net salary credited to your payroll account for the last 6 months.

Why was my colleague approved with higher credit limit even if we were receiving the same salary?
The assigned credit limit is based on the average net salary credited to the payroll account for the past 6 months but the loanable amount is still subject to “debt-burden ratio of 50%”. This means that your amortization, which refer to your monthly payment, should be at most 50% of your total monthly net salary credit LESS any amortization payments for other loans with SBC (where applicable).

What are the available loan terms?
You may specify the number of instalments you want to repay the loan within a maximum of three (3) months. Your account will be debited for the amortization every payday, which would be twice (2x) in a month.

How do I know my payment due date?
Your payment due date is based on your payroll cut-off dates, amortization will be automatically debited from your payroll account 2 banking days before your actual payout.

When will my first amortization start? When is my due date?
Your first due date is the immediate payroll date after your availment. However, if you avail five (5) days before from your payroll date, your first due date will be the succeeding payroll date.

How is my amortization deducted from my payroll?
The amount due will be put on hold 2 banking days before the declared payout schedule. Assumptions:

  • If payout is scheduled on a Friday, hold-out date schedule is Tuesday.
  • If payout is scheduled on a Saturday and Sunday, hold-out date schedule is Wednesday.
  • If payout is scheduled on Monday, hold-out schedule is Thursday.
  • If payout is scheduled on a holiday, hold-out date will be moved to previous banking day plus 2 banking days.

*Available funds equivalent but not more than to the amount due will be put on hold (cannot be withdrawn from the payroll account) 2 banking days before the actual payout date.

How long will there be a hold out of the amount due? When will this be lifted?
The hold out will be lifted once the amount due is debited from your payroll and applied as payment for your amortization. Posting of payment would be the following banking day after your payroll is credited on your account.

Are there fees and charges to be deducted when I avail of the SALAD?
For every availment, a processing fee will be automatically deducted from the loan proceeds that would be credited to your account.

How much is the late payment charge if I missed a payment?
A late payment charge of Php125 will be deducted for every missed payment within the duration of the loan. After loan maturity, a fixed fee of PHp250 will apply per month.

How do I register my mobile number for my SALAD application?
You must accurately indicate your personal “Active” mobile phone number on the Credit Agreement Form (CAF).

Important Note: Please note sharing of mobile phone numbers is not allowed and any deviation/discrepancy on mobile number may cause delays in processing.

How do I update my mobile number?
Please call the SBC Customer Service Hotline at (632) 88-791-88 or email customercare@securitybank.com.ph

If I choose to change my mobile number, how long will it take to process?
Changing of mobile number in SALAD will be processed in three (3) banking days. Please call the SBC Customer Service Hotline at (632) 88-791-88 or email

Important Note: You can change or update your registered mobile number even if you have an outstanding balance with Salary Advance. Processing for update of your mobile number takes 3 banking days.
customercare@securitybank.com.ph

How do I apply for SALAD?
You can apply or enrol by submitting the following:

Where can I get the Credit Agreement Form (CAF)?
You can get the Credit Agreement Form (CAF) to the following:

  • SECURITY BANK branches nearest at your area or;
  • Download the CAF

What valid IDs can I submit?
You may submit 1 primary ID or any 2 secondary IDs. These should be photo bearing with signature and with address. Photocopies of front and back of the said IDs should be submitted.

What are considered as primary valid IDs?
Driver’s License, PRC ID, Digitized Voter’s ID, GSIS e-card, SSS Card, Unified Multi-purpose ID, ACR/ICR, Integrated Bar of the Philippines, School ID, NCDA ID, Passport and Postal ID (PVC plastic Card)

What are considered as secondary valid IDs?
Company ID, TIN ID, NBI Clearance, Police Clearance, Postal ID, Barangay Certification, OWWA ID, OFW ID, Seaman’s Book, AFP ID, HDMF ID, DSWD Certification, PHICB ID, City Health Card/Health Certificate Card

How will I be notified of my successful SALAD application/enrollment?
An official SMS alert will be sent to your mobile number for the following:

  • If the enrolment is approved:
    “Good news! You are now enrolled in Security Bank’s Salary Advance Program. Avail up to [Credit Limit] for at most 3 months. This amount is valid until [End of Month]. Just text SBC [space] SALAD [space] AMOUNT [space] # OF DEDUCTIONS to 3456. Free for Globe and Smart; P2/txt for Sun. Example: SBC SALAD 10000 6”
  • If the enrolment is not approved, customer will NOT receive an SMS notification and may call the Customer Service Hotline at (02)88-791-88 instead.
  • If the enrolment is approved but not yet qualified to avail of the facility:
    “Your account has been enrolled in Salary Advance. However, you have not yet met the minimum parameters of the product. Please wait for a few months until you are qualified to avail. You will receive an SMS notification when you have met this requirement”

Will I be notified if my enrolment was declined?
Yes. You will receive an SMS notification about the status of your SALAD enrolment.

How then do I avail of Salary Advance once I am enrolled?
You may avail by texting the following syntax:

SBC [space] SALAD [space] AMOUNT [space] No of Deductions and send to 3456

Example:

SBC SALAD 10000 6 (availment of 10,000 in 6 installments or equivalent to 3 months loan term)

Important Reminders!

  • Amount and number of deductions should NOT have commas, periods or centavos. Only whole numbers will be accepted.
  • DO NOT reply to the welcome SMS from Security Bank. Customers should text to 3456 as indicated in the welcome SMS.
  • Customer must have at least P2.50 available regular load (Globe & Smart)

How can I get my approved loan?
You loan proceeds will be credited automatically to your payroll account and you will receive an SMS alert from 3456.

Will I be charged for my SMS requests?
All SMS requests and confirmation with correct format are FREE for Globe and Smart. However, for Sun subscribers, you will be charged with P2 per text.

What happens if I sent an incorrect syntax, will I still be charged?
Yes. All SMS with wrong format or from mobile numbers that were not enrolled in the program are charged P2.50 per text, for Globe, Smart and Sun subscribers.

How will I know if my SMS availment is approved?
After sending an SMS availment request, you will receive a reply from 3456 indicating approval of your request.

Were there any cases where SMS availments were disapproved?
Yes. SMS will be disapproved or rejected if:

  • Mobile number is not registered
  • SMS format is incorrect
  • Company agreement is terminated
  • Requested amount exceeded limit to the customer
  • Customer has an existing loan availment
  • With gap in Salary Credits within 6 months
  • Customer has resigned from the company

What are the reminders that I need to keep in mind to ensure that my availment will be successful?
Please ensure that the following items are followed correctly:

  • Text the correct initial keyword: SALAD [space]AMOUNT [space] # OF DEDUCTIONS
  • Text the correct keyword for agreement/approval:SBC SALAD AGREE
  • Send message to 3456.
  • Use the mobile number that is enrolled in SALAD.
  • Ensure the mobile number has a regular load of at least P2.50.

I sent my SMS syntax request correctly but did not get any reply. What should I do?
You may call our Customer Service Hotline at 887-9188 or email Consumerloans@securitybank.com.ph and salad@securitybank.com.ph for further assistance.

Report the incident:

  • Keyword sent
  • Date of SMS
  • Time of SMS
  • Mobile Number
  • Or just simply provide the screenshot of the message

Request for change of mobile number enrolled in SALAD, please call Customer Service Hotline at 88-79188. Allow 3 banking days to process your request.

What if I lose my mobile number, can I still avail of SALAD?
Yes. Simply request for a change of your mobile number through our Customer Service Hotline at 88-79188. Please allow 3 banking days to process your request

What if I have 2 mobile numbers, can I use both to avail of SALAD?
No. Our SALAD system will only link you to one (1) mobile number

If my ATM card gets lost or stolen, can I still avail of SALAD?
Yes. Even without the ATM Card, your approved SALAD availment will still be credited to your payroll account. However, we urgently encourage you to visit the SBC Branch nearest you and request for an ATM Card Replacement to allow you immediate access to the funds.

What happens if my salary is insufficient to cover for my amortization?
If your salary is insufficient for the amortization amount, the payment will be considered “Missed” amortization. This will be deducted on the next payroll date on top of the amount due for the current cut-off PLUS an additional “late payment charge” amounting to P125 per missed payment in the duration of the loan. After loan maturity, a fixed fee of P250 will apply per month.

I missed my amortization last payroll, can I pay over the counter?
Yes. You can make an over the counter (OTC) payment in any Security Bank Branch nearest you. Kindly make sure to do the following:

  • Use the BILLS PAYMENT slip
  • Indicate payment is for SALAD
  • Indicate your monthly amortization plus penalty
  • Indicate your enrolled mobile number

In case of default, a text message will be sent to you for reminder.

Sample text:

“Our record shows that your Security Bank Salary Loan remains unpaid. Please settle it today to avoid inconvenience. For inquiries, you may call 8676788 local 3016, 3030, 3160. Please disregard if deposit/payment has been made.”

Do I get a discount or a waiver of charges if I missed my loan payment?
No. Our late payment charges are fixed.

How will I know if I have missed payments?
Our SBC Collections Team will coordinate with you via phone, SMS, Letter and E-mail or through your HR Representative.

Will I be able to see my SALAD deductions in my payroll account?
Yes. SALAD deductions can be seen in the payroll account. Though it is not reflected on the client’s pay slip since the payment method is via Automatic Debit Arrangement (ADA) from payroll credits.

What if I have the money to pay-off my loan, can I terminate my Salary Advance?
No. Pre-termination is not allowed under Salary Advance.

I already paid 50% of my loan, can I immediately re-avail Salary Advance?
No. Re-availment is only allowed upon full payment of existing loan.

I paid 100% of my loan, when can I re-avail?
Please allow three (3) banking days after your last payment due date before re-availing SALAD.

How can I re-avail?
Re-availment process is similar as the process of your 1st Availment. You can simply text:

SBC [space] SALAD [space] AMOUNT [space] # OF DEDUCTIONS to 3456 and follow the succeeding SMS instructions.

Where can I call if I want to ask further questions about Salary Advance?
You may call our Customer Service Hotline at 887-9188 or email salad@securitybank.com.ph for further assistance. Please ensure that you have the following details on hand:

  • Payroll account number
  • Mobile number enrolled in Salary Advance
  • Description of issue or complaint
Terms and Conditions

The following terms and conditions apply to my subscription to and availment from the Salary Advance Program. By signing below, I hereby agree as follows:

  1. Definition of Terms. – The following terms, as used herein and in the Statement of Accounts to be sent to me, shall be understood to mean:
    • “Salary Advance” – any amount credited to my payroll account as a result of my request and confirmation via SMS to advance on my salary, sent through my cellphone number registered in Security Bank Corporation (“SBC”) database supplied as part of my details when I became a payroll customer of the bank.
    • “Date of Salary Advance” – the date on which my SMS confirmation is received by SBC.
    • “Salary Advance Limit” – means the maximum amount I can avail at any one time, to be set by SBC based on the net pay that my employer credits to my account in the most recent 6 months. SBC will notify me via SMS regarding my limit and validity upon approval of my application (evidenced by this credit agreement). After each validity period, I will inquire of the updated limit and validity period via SMS.
    • “Salary Crediting Day” – means the day/s of the month that my employer declared to credit salary to its employees’ payroll accounts, which will also serve as the basis of my payment dates and maturity date of my Salary Advance.
    • Eligibility Criteria. – Signed credit agreement does not guarantee automatic enrollment to the program, and is still subject to approval based on the following:
    • I am at least 21 years of age but not more than 65 years old upon execution of this agreement
    • With at least 6 months tenure with my employer (preferably regular / permanent, or has at least 3 months remaining in contract, if project hire / contractual)
    • The Salary Advance Program Memorandum of Agreement (MOA) signed by my employer remains valid
    • Other criteria that SBC may implement in the future
    • Should my application be denied, SBC has no obligation to furnish the reason for the rejection.
    • Purpose. – I hereby confirm that the purpose of the loans is for personal consumption or family use.
    • Effectivity. – SBC shall make my subscription to the program valid, commencing on the date that my application was approved by SBC until any of the following, whichever comes first:
      • Receipt of information from my employer regarding termination of my employment
      • Termination of Salary Advance Program MOA signed by my employer
      • Any outstanding Salary Advance from the Program incurs past due
      • My account is considered delinquent based on Section 8 hereof
      • Four (4) months before termination of employment contract, if contractual / project hire (as declared in the Subscriber Details above)
      • Any time SBC deems termination / cancellation of my Salary Advance Program subscription necessary to protect its interest
  2. Salary Advance – Provided that I observe the herein terms and conditions, and so long as subscription to the Program remains in force, I will be entitled to send a request to avail a Salary Advance via SMS from my registered mobile number or via any other specified means as SBC may allow in the future. Salary Advance shall be subject to the following:
    • Interest – I hereby agree to pay SBC interest on outstanding Salary Advance computed and billed bi-monthly based on its prevailing monthly rate which I will be notified of as I send an SMS request.
    • Processing fee – I hereby agree to pay SBC processing fee charged on every request as a percent of requested amount based on its prevailing rates, and deducted upfront from my requested amount.
    • Verification process – My SMS requests are still subject to SBC’s evaluation and validation. Should my request be disapproved, SBC will notify me of the disapproval via SMS.
    • Confirmation – Should my request be approved, SBC shall inform me of the approved Salary Advance amount, effective interest rate, processing fee charges, net proceeds to be credited to my payroll account, penalty fees, and amount to be paid per salary crediting day via SMS, and shall require my SMS conformity thereto before booking my Salary Advance.
    • Disbursement – SBC shall credit the loan proceeds to my payroll account and send an SMS notification to me upon crediting.
    • Multiple requests – SBC shall allow only one outstanding Salary Advance per subscription. Further requests will be allowed only when all obligations related to the outstanding Salary Advance are fully satisfied.
    • SBC shall not be held liable should there be any delays or problems in the delivery and receipt of SMS due to issues with the service provider. I acknowledge that every SMS request I send will be subject to SMS charges.
    • Evidence of Salary Advance. – Salary Advance shall be evidenced by my request and confirmation made via SMS. SBC shall have the right to keep all evidences of my Salary Advance. I acknowledge that the above evidences and the corresponding Statements of Account are valid and conclusive proof of all my transactions.
  3. Payments – Payments of interest and Salary Advance shall be due on my Salary Crediting Day after date of my request, and shall be subject to the following:
    • Salary deduction – I hereby authorize SBC to debit my payroll account in satisfaction of the amount due on every payment date. As part of the process, I also authorize SBC to put on hold the amount due three (3) banking days before the salary crediting day.
    • Insufficient payment – If the balance of or credits to the payroll account is not sufficient to cover for the payment due, SBC shall debit the remaining available balance in my payroll account. I hereby authorize SBC to debit the remaining unpaid amount, plus charges, in my following salary crediting day.
    • Saturday, Sunday and Holiday – Whenever any payment to be made hereunder falls due on a Saturday, Sunday, or public holiday under the law of the Republic of the Philippines, such payment may be made on the next succeeding banking day.
    • In cases where I will receive insufficient or no credits from my employer on salary crediting day, I shall be obliged to fund my payroll account to meet the amount due. Failure to do so shall not prevent SBC from applying payments via salary deduction with corresponding penalty charges. I likewise assign, transfer, convey and set over unto SBC, its successors and/or assigns, my salaries and wages including the proceeds of my salary that may be credited to my payroll account and all benefits arising from or accruing to me pursuant to my employment, including my separation pay, retirement benefit, convertible vacation leaves, and other benefits that may be collected from my employer for the satisfaction of my obligations to SBC.
    • Application of Payment. – Any and all payments for my account under SALAD shall be applied on the following items in the order they are listed: Past due unpaid items from the oldest due date to the latest in the following order of items:
      • Late payment fees
      • Interest
      • Principal
  4. Default – I shall be considered in default in the event that:
    • I violate any of the terms and conditions of this credit agreement,
    • Any interest or installment is not paid on due date,
    • I am in default in respect of any other obligation with SBC or its subsidiaries, which may now be existing or may subsequently be granted to me by SBC or its subsidiaries,
    • Any creditor tries by legal process to attach or levy on my money or any property with SBC,
    • I apply for voluntary or involuntary relief under bankruptcy or insolvency laws,
    • SBC believes on reasonable ground that it was induced by fraudulent misrepresentation on my part to approve my subscription to this program and my succeeding Salary Advance requests.
    • Upon my default as herein defined, my account shall be considered a “delinquent account” for purposes of the late payment charges under Section 8 hereof and SBC is hereby authorized, at its option, to suspend or cancel my subscription to the program, and to disallow any further Salary Advance requests. The amount certified by SBC as the amount outstanding shall be prima facie evidence of the amount due from me as at the date thereof.
    • Late Payment Charges. – If my account is delinquent, I agree to pay SBC late payment penalty based on its prevailing fees at time of my Salary Advance (which SBC will notify me of via SMS, pursuant to Section 5d) per payment date during my payment period, and on a monthly basis should my account remain delinquent after maturity date of my outstanding Salary Advance.
    • Right of Offset. – I hereby authorize SBC upon my default, to apply in payment of my obligations under this program, any and all of my monies or properties of any kind whatsoever which, for any reason, are presently or may hereafter come into the possession of SBC. This is without prejudice to SBC’s right to pursue and exercise alternatively, concurrently and cumulatively all other rights and remedies now or hereafter available to it under the other credit instruments and the applicable laws.
    • Cancellation/Termination. Credit shall be provided by SBC under the Salary Advance Program until SBC cancels, closes or freezes operation of the said Program in accordance with these terms and conditions.
    • I hereby agree to still authorize SBC to continue debiting my payroll account such amount as may be necessary from time to time as payment for all outstanding obligations arising from this program in case SBC terminates or cancels the Program.
    • Collection/Attorney’s fees. – In case of delinquency or default and a legal proceeding to recover any unpaid obligation under this program is commenced, I agree to pay as and for attorney’s fees a sum equivalent to twenty percent (20%) of all sums due and owing to SBC. I likewise agree that all actions, suits or proceedings that may arise in connection with this program shall be brought by the concerned party before the proper court of the City of Makati, to the exclusion of other courts.
  5. Waivers – I waive in advance my right to make application of payment under Art. 1252 of the Civil Code of the Philippines (RA No. 386), especially in the case where I have more than one obligation in favor of SBC, regardless of the source and nature of the said obligations.
    • I likewise waive my right under RA No. 1405 or the Law on Secrecy of Bank Deposits and allow SBC to provide my employer with a consolidated billing statement upon request, which shall contain my outstanding Salary Advance,, next due date, maturity dates, outstanding balances, remaining terms, installment amounts, past due amounts, penalties, interests, and total amount due.
    • I hereby willingly, voluntarily, and with full knowledge of my right under the law, waive the right to confidentiality of information and authorize the Bank to disclose, divulge and reveal any such information relating to my subscription and Salary Advance, including events of default, for the purpose of, among others, client evaluation, credit reporting or verification and recovery of the obligation due and payable to the Bank under the terms and conditions of this credit agreement.
    • In view of the foregoing, SBC may disclose, divulge and reveal the aforementioned information to third parties, including but not limited to my employer, the Bankers’ Association of the Philippines – Credit Bureau (BSP – CB) or to any central monitoring entity or body established by the BAP to record and monitor the mishandled loans of its member banks, SBC’s affiliates, subsidiaries, agents, service providers, as well as any prospective assignee or transferee, rating agency, insurer, and any such person, entity or regulatory body that may be required by law or competent authority.
    • I hold SBC free and harmless from any and all liabilities, claims and demands of whatever kind or nature in connection with or arising from the aforementioned disclosure or reporting.
    • No Implied Waivers. – No failure or delay on the part of SBC in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any other right or power hereunder. No modification or waiver or any provision of the Credit Instruments and no consent to any departure therefrom by me, shall in any event be effective unless the same be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand in similar or other circumstances.
    • Separability Clause. – If any of these provisions are declared invalid or illegal, such invalidity or illegality shall not in any way affect the remaining provisions hereof or any vested right which may have already accrued in favor of SBC.
    • Amendment. – Subscription to this program is granted in the light of the prevailing economic/regulatory environment and other circumstances considered by SBC in approving the subscription. In case of any change in such circumstances which SBC deems material or in the event of any change in SBC’s credit policy, SBC reserves the right to amend any of the terms and conditions governing this program subject to my conformity. If the proposed amendment is not acceptable to me, I shall be obliged to prepay the entire obligation under this program upon demand by SBC.
    • Governing law. This Agreement shall be governed by and construed in accordance with the existing and pertinent laws of the Republic of the Philippines, the rules and regulations of the Bangko Sentral ng Pilipinas, the Philippine Clearing House Corporation (PCHC), Bankers Association of the Philippines (BAP) and other appropriate government agencies.

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