BDO vs BPI

How BDO and BPI Define 'Seafarer' Income

One of the biggest pain points for seafarers applying for a home loan is how banks treat contract-based, dollar-denominated, or intermittent income. Both BDO and BPI officially accept OFW/Seafarer as an employment type, but their documentation requirements and income computation methods differ in practice.

BDO typically computes income based on the average of your last 12 to 24 months of earnings, using your POEA-approved employment contract, Certificate of Employment (COE) from your manning agency, and your last three to six months of Overseas Remittance Certificate or bank statements showing actual remittances. Dollar income is converted to Philippine Peso at the prevailing BSP reference rate at the time of application.

BPI takes a similar approach but is known to be more flexible with seafarers who have multiple short-term contracts — they can aggregate income across consecutive contracts to establish a stable income history. BPI also accepts income from a land-based co-borrower spouse, which is particularly useful if the seafarer's contract income alone doesn't clear the debt-to-income ratio.

Both banks apply a maximum debt-to-income (DTI) ratio of 40%, meaning your total monthly loan obligations — including the new home loan — cannot exceed 40% of your verified gross monthly income.

Interest Rate Comparison: BDO vs BPI for Seafarers

Interest rates are ultimately the same regardless of your employment type — banks do not charge a premium for seafarer applicants. What matters is which bank offers a more competitive rate for your loan amount and term.

BDO's 1-year fixed rate of 6.00% p.a. is currently lower than BPI's 6.70% p.a. — a difference that translates to meaningful peso savings over the life of a loan. For example, on a P3,000,000 loan over 20 years, the monthly repayment at 6.00% is approximately P21,491, versus approximately P22,753 at 6.70% — a difference of roughly P1,262 per month, or over P15,000 per year.

However, BPI's 5-year fixed rate of 6.50% p.a. offers a rate-lock advantage that BDO's published rates don't currently match. For seafarers who want predictable repayments across multiple contract cycles without worrying about repricing, locking in for five years with BPI could provide peace of mind even at a slightly higher initial cost.

For a broader look at how these two banks compare across all borrower types, see our full BDO vs BPI housing loan interest rates comparison.

Income Requirement: Which Bank Is More Accessible?

This is where BPI has a clear structural advantage for seafarers who are earlier in their careers or working on smaller vessels with lower base pay.

• BDO requires a minimum verified monthly income of P50,000. For seafarers, this is usually computed as average monthly income over 12–24 months based on contract earnings.
• BPI requires a minimum verified monthly income of P40,000 — a P10,000 lower floor that opens the door to a wider range of ratings, ABs, and junior officers.

In practice, senior officers, captains, and engineers on international vessels typically clear both banks' income thresholds comfortably. The BPI advantage is most relevant for ordinary seafarers (OS/AB ratings) or those on coastal or domestic shipping routes where compensation is lower.

Both banks allow a co-borrower — typically a spouse — whose income can be combined with the seafarer's to meet the minimum threshold. This is particularly useful for dual-income households where the spouse works locally.

Contract Type and Employment Documentation

Seafarers often have questions about whether their specific contract arrangement will be accepted. Here's what each bank generally accepts:

BDO Accepted Seafarer Documentation

• POEA-approved employment contract (ITF or company-specific CBA)
• Certificate of Employment from manning agency
• Last 6 months of bank statements showing remittances
• Seaman's Book (Seafarer's Identification and Record Book)
• OWWA membership and documentation
• Dollar-denominated payslips with peso conversion

BPI Accepted Seafarer Documentation

• POEA-approved employment contract
• Manning agency COE or principal employer letter
• Last 3–6 months of passbook or bank statement
• Seaman's Book
• Consecutive contract history (for borrowers with multiple short-term contracts)
• Remittance records or allotment slips

Neither bank officially requires continuous, unbroken employment — what matters is demonstrating a pattern of regular seafaring income over the past 12 to 24 months. Gaps between contracts are generally acceptable as long as they are explained and you have a new contract in hand or evidence of re-engagement.

Co-Borrower and Signing Rules for Seafarers

Because seafarers spend significant time abroad, both banks have provisions for co-borrowers and Special Power of Attorney (SPA) arrangements — but the specifics matter.

BDO: Accepts an SPA for signing loan documents if the principal borrower is abroad at the time of processing. The SPA must be notarized and authenticated (Apostilled) by a Philippine consulate in the country where the seafarer is stationed. The designated attorney-in-fact (typically the spouse or a first-degree relative) must be physically present in the Philippines to sign on behalf of the borrower.

BPI: Also accepts consularized or Apostilled SPA. BPI additionally has branches and accredited representatives in some OFW-heavy areas, which can make document submission slightly more convenient for families of seafarers based in port cities.

In both cases, starting the loan process before the seafarer departs — or during a home leave — simplifies the signing process significantly. Nook's all-digital process allows seafarers to initiate their application and submit documents online, reducing the need for in-person visits before departure.

Loan Purposes Accepted: What Can Seafarers Buy?

Both banks support a wide range of loan purposes, which is good news for seafarers who may be purchasing property while abroad or planning ahead for homeownership.

Both banks cover the full range of property types, so your choice between them should be driven by rate, income eligibility, and processing speed — not loan purpose limitations.

Approval Speed: BDO vs BPI

Processing time matters for seafarers, especially those coordinating approvals around contract schedules and home leaves.

• BDO typically processes home loan applications in approximately 30 days from complete document submission — one of the faster turnaround times among major Philippine banks.
• BPI typically takes approximately 52 days from complete document submission — nearly twice as long as BDO.

For seafarers who need to time their loan approval around a contract end date or a scheduled home leave for signing, BDO's faster processing is a meaningful practical advantage. Missing a signing window because approval came too late can delay homeownership by months.

That said, BPI's longer timeline often reflects more thorough credit assessment — not necessarily a higher rejection rate. Both banks have strong track records with OFW and seafarer borrowers.

Refinancing: Can Seafarers Switch Banks to Get a Better Rate?

Yes — and this is one of the most underused strategies among seafarers who took out a home loan years ago at rates between 7% and 10%. Refinancing through Nook can bring your rate down to as low as 5.99% p.a., regardless of which bank currently holds your loan.

Both BDO and BPI accept refinancing as a loan purpose from seafarer borrowers. The process works the same as a new purchase loan: you apply through Nook, submit your seafarer income documents, and the new bank pays off your existing loan at the old bank. You then make monthly payments to the new bank at the lower rate.

On a P4,000,000 outstanding balance with 15 years remaining, refinancing from 8.50% to 6.00% would reduce your monthly repayment from approximately P39,399 to approximately P33,806 — saving you roughly P5,593 per month, or over P67,000 per year.

If you're already a BDO or BPI borrower and want to explore refinancing options, our BDO vs BPI home loan refinance rates guide walks through the process in detail.

Summary: BDO vs BPI for Seafarers at a Glance

Note: Interest rates are subject to change. Always verify current rates with your Nook advisor or directly with the bank before submitting your application.