Porac Bank is regulated by the Bangko Sentral ng Pilipinas
https://www.bsp.gov.ph

Refer and Earn Program

Explore new income stream with Porac Bank's Refer and Earn Program.

What is Refer and Earn Program?

  • This program is available to all individuals (clients and non-clients of the bank excluding bank employees) who are eligible to receive a commission/incentive for every successful referral of a potential customer to the Bank.
  • There are two (2) types of Refer and Earn Program: • Loan Referral Program • ROPA Buyer Referral Program
  • The Refer and Earn Program shall be subject to the terms and conditions stipulated here under.

Loan Referral Program

  • To be eligible for the Loan Referral Program, the referrer shall be able to submit a duly accomplished Loan Referral Form and agree to the terms and conditions related thereto.
  • For every successful referral, the Referrer/ Agent shall be entitled to a cash incentive equivalent to 0.5% of the total amount of credit granted in favor of the account at subject.
  • To qualify for the 0.5% cash incentive mentioned above, the referred loan must be with a 1% service charge. Waiver of the said service charge shall warrant the disqualification of the referral application.
  • The cash incentive shall be paid to the Referrer upon release of the loan proceeds of the referred account, net of 10% withholding tax.

Terms and Conditions:

  • By signing herein, the Referrer agrees to the terms and conditions set forth by the Bank for the mutual protection of all parties involved and to promote integrity and transparency in the conduct of business dealings.
  • A Referrer agent shall be entitled to a commission in cash equivalent to 0.5% of the total amount released for the loan registered herein; provided, that the Referrer facilitated the processing of the account with no pending requirements and that the Referrer has been duly acknowledged by the borrower. For employees, cash incentives shall be paid under the Productivity Incentive Program.
  • The Referrer agent shall be responsible for obtaining updates and other information from Porac Bank particularly on procedures and guidelines, submission of information, and documents pertinent to the loan application. Likewise, it shall be the responsibility of the Referrer agent to discuss the loan's terms and conditions with the Borrower.
  • The Referrer must submit the duly accomplished Loan Referral Registration Form to the Bank or file thru Jotform prior to or during the application of the prospective Borrower subject to the approval of the Bank. Submission of said form outside the prescribed timeline shall render the automatic disqualification of the application for commission/ incentive.
  • Commission/incentive due to the Referrer shall be paid in lump-sum upon the successful release of the endorsed loan account and upon completion of required documents. In the case of staggered release, the commission/incentive shall be paid on a staggered basis equivalent to the total loan amount released.
  • Should there be multiple applications for the claim on commission by a different Referrer under a single Borrower, the Bank shall acknowledge the very first application thereto booked in its record.
  • The Bank reserves the right to approve or disapprove loan applications as well as the claim of commission/incentive thereto when and as deemed necessary by the Management.
  • The Bank reserves the right to amend the terms and conditions without prior notice. In the event of a dispute, the decision of Porac Bank shall be final and conclusive.
  • Any incident concerning this transaction that may give rise to the question of bad faith shall constitute a valid ground for the immediate cancellation of this application.