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A Bank Demand Letter is a crucial document in the Philippine banking sector's debt collection process, serving as a formal notification and demand for payment from debtors who have defaulted on their financial obligations. This document is typically issued when regular payment reminders have been unsuccessful and before initiating legal proceedings. The letter must comply with Philippine banking regulations, particularly the General Banking Law of 2000 and BSP circulars on fair debt collection practices. It contains specific details about the outstanding debt, including principal, interest, and other charges, along with a clear payment deadline and potential consequences of non-compliance. The Bank Demand Letter is particularly important as it often serves as evidence in subsequent legal proceedings and must therefore be carefully drafted to ensure its legal validity and enforceability under Philippine law.

1. Bank's Details and Letterhead: Official bank letterhead including complete name, address, and contact information of the issuing branch or department

2. Date and Reference Number: Current date and unique reference number for the demand letter

3. Recipient Details: Complete name and address of the debtor, including any account or reference numbers

4. Subject Line: Clear indication that this is a demand letter and reference to the specific account or facility

5. Debt Details: Precise details of the outstanding amount, including principal, interest, penalties, and other charges

6. Demand Statement: Clear and unequivocal demand for payment, including the total amount due

7. Payment Timeline: Specific deadline for payment and acceptable payment methods

8. Legal Consequences: Statement of legal actions that may be taken if payment is not received by the specified deadline

9. Contact Information: Details of the department or person the debtor should contact for payment or clarification

10. Signature Block: Name, title, and signature of the authorized bank representative