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Notice of Changes to the Bring-a-Friend Terms and Conditions for Salmon Time Deposit

Notice of Changes to the Bring-a-Friend Terms and Conditions for Salmon Time Deposit

Salmon Bank (Rural Bank) Inc. (“the Bank”) is updating the Terms and Conditions for Bring-a-Friend on Salmon Time Deposit. Effective 22 December 2026, the new terms apply to you. Until then, the current terms apply.

This notice explains what is changing and how it affects you. Some changes affect whether you earn a reward.

Taxes on your reward

The reward will be paid in full by the Bank. The reward is net of any applicable taxes, which will be shouldered by the Bank.

Where applicable, you or your friend may be required to provide a valid and subsisting Philippine Tax Identification Number (TIN) and any other information reasonably required for tax, regulatory or compliance purposes. If you or your friend don’t provide this information, the reward may be forfeited.

The reward is not a commission

The new terms make clear that Bring-a-Friend is a promotion by the Bank to attract new customers. The reward is part of that promotion. It is not a commission or a fee for any service.

Taking part does not make you or your friend an agent, employee, broker, intermediary or independent contractor of the Bank.

Referral validity and reapplication

The new terms add validity periods for referrals. A referral starts when your friend begins an application. To earn a reward, your friend must complete these steps within the validity periods:

  1. Get a decision within 60 days of starting the application.
  1. If the application is rejected, get an approval within 60 days after that.
  1. Once approved, open and fund the Salmon Time Deposit within 60 days.

If a validity period ends before a step is done, the referral expires and no reward is payable. What happens next depends on whether your friend opened an account:

  • If your friend didn’t open an account, they can reapply and qualify again. They must enter your referral code on the new application.
  • If your friend opened an account but didn’t fund it within 7 days, or ended the deposit early within 7 days, no reward is payable for them, including if they apply again.

Referral code requirement

The new terms require your friend to enter your referral code when they apply. If they don’t, the code can’t be added or restored later, and no reward is payable for that referral. Share your code with your friend before they apply.

Cumulative reward cap

You can take part in Bring-a-Friend as long as you haven’t received more than ₱250,000 in cumulative rewards. The cap amount stays the same. What changes is what counts toward it. From 20 December 2026, the cap covers rewards from referrals for all of the Bank’s products. Rewards from other Salmon entities’ referral programs don’t count toward it.

Data privacy

Under the new terms, the Bank uses the personal data it collects for a referral only to:

  • verify eligibility and identity
  • process the referral and the reward
  • pay the reward
  • meet legal and regulatory requirements

The Bank may share this data with other Salmon entities and relevant third parties for these purposes. Marketing is no longer one of these purposes. The Bank won’t use the data for general marketing or promotions without separate, specific consent under the Data Privacy Act of 2012.

The Bank keeps personal data it collects solely for a referral for as long as needed to complete the referral and pay the reward, and no longer than the retention period set by law. After that, it disposes of the data securely or makes it anonymous.

Full Terms and Conditions

You can read the full Terms and Conditions below. The new version was published on 22 October 2026.

The new terms take effect on 22 December 2026, after the 60-day public notice period under BSP Circular No. 1160.

If you continue to take part in Bring-a-Friend on or after 22 December 2026, you are deemed to have read, understood and agreed to the new Terms and Conditions.

For questions, visit any Salmon Bank (Rural Bank) branch or contact us:

  • Customer Service hotline: (+63) 919 059 7388

22.10.2026