December 12, 2019Please be advised that EFFECTIVE FEBRUARY 10, 2020, amendments of certain Cooling-Off Provisions applicable to products of Trust Services Group shall be implemented pursuant to BSP Circular No. 1048 “BSP Regulations on Financial Consumer Protection x x x and Amendments to the Manual of Regulations for Banks and Non-Bank Financial Institutions”. New or Amended Provision Superseded Provision 1 Consumers with an aggregate investment size of Php500,000 and above are excluded from invoking the cooling-off period. none 2 Securities “traded” or “to be traded” are exempt. none 3 Cooling-off period shall commence immediately following the submission of any agreement or contract. Cooling-off period shall commence immediately following the signing of any agreement or contract. 4 Cooling-off is applicable to financial instruments with a remaining term of at least one (1) year Cooling-off is applicable to financial products or services with a long-term savings component or those subject to high-pressure sales contracts. Based on the above, the products which will have a cooling-off provision will be the following: Trust Services Products: UITF – Peso Bond Fund, Dollar Bond Fund, and Equity Fund only FREQUENTLY ASKED QUESTIONS What is “cooling-off”? A: Cooling-off period is the right given to a consumer, who is a natural person, to cancel the agreement for a particular financial instrument availed. How is the aggregate investment size determined? A: The aggregate investment size pertains to the total outstanding investment of the client covered by the cooling-off provision including the amount of placement that would make the total placements reach the Php500,000 threshold. Example: Time Deposit Placement Jan. 5 – 1st placement of 100,000 – covered by the cooling-off Jan. 30 – 2nd placement of 300,000 – still covered by cooling-off Feb. 15 – 3rd placement of 200,000 – no longer covered by cooling off since aggregate investments reached the 500,000 threshold For further inquiries or clarifications, please call or visit your branch of account or any Bank of Commerce branch near you. Click here to view the complete list of our branches.