Promissory note template for the Philippines
Based on Act 2031 (Negotiable Instruments Law), sections 1 and 184 · Reviewed November 2026
A promissory note in the Philippines is a signed written promise to pay a sum in pesos. Act 2031 sets what makes it negotiable, and the template follows it.
PROMISSORY NOTE
PHP 50,000.00
(fifty thousand pesos)
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What it includes
- Date and place
- Maker name, address and ID
- Payee name
- Amount in words and figures, in pesos
- Interest rate per year
- Due date or installment schedule
- Place of payment
- Signatures and notarial acknowledgement
Promissory note (Philippines): full text
PROMISSORY NOTE [Place], [date] For value received, I, [maker name], of legal age, residing at [address], with [ID type and number], promise to pay to the order of [payee name] the sum of [amount in words] (PHP [amount]), Philippine currency. This amount bears interest at [rate]% per year on the unpaid balance. I will pay in [number] monthly installments of PHP [amount] each, starting on [first date], at [place of payment]. If I fail to pay any installment on its date, the whole unpaid balance becomes due. ____________________________ ____________________________ [Maker name] [Co-maker name, optional] Maker Co-maker Signed in the presence of: ____________________________ ____________________________ Witness Witness [Space for notarial acknowledgement]
What Act 2031 requires
| Requirement in section 1 | Where it goes in the note |
|---|---|
| In writing and signed by the maker | The whole note and the signature line |
| Unconditional promise to pay | «I promise to pay» with no condition |
| A sum certain in money | The amount in figures and words, in pesos |
| On demand or at a fixed or determinable time | The due date or schedule |
| Payable to order or to bearer | «to the order of» the lender |
Section 184 defines the promissory note as that unconditional written promise. A note to the maker's own order needs his endorsement.
Notarized or not
A private note signed by both parties is valid between them.
Many lenders still have it notarized. A notarized note is easier to prove in court.
The template leaves space for the notarial acknowledgement at the end.
A Philippine note worked out
Jose Reyes borrows PHP 50,000.00 from Carmen Dela Cruz in Makati City. He repays in 10 months at 12% a year.
| Line | Text in the note |
|---|---|
| Amount | Fifty thousand pesos (PHP 50,000.00) |
| Interest | Twelve percent (12%) per year on the unpaid balance |
| Schedule | 10 monthly installments from 30 November 2026 |
| Place | Makati City |
| Default | The whole balance becomes due if one installment is missed |
Pick «Monthly installments» above and the note prints one page per payment.
How the lender collects it
Most lenders in the Philippines remind by text or WhatsApp a few days before.
«Good morning Jose. Reminder po that installment 3 of 10, PHP 5,280, is due on 30 January. Salamat.»
A receipt for each installment keeps both sides clear about the balance.
Common mistakes
- A promise with a condition, such as «if my salary arrives».
- No amount in words.
- Interest not stated in writing.
- Only the lender signs.
- No copy for the borrower.
Field by field
- Place and date: the city and the day signed, such as Makati City, 30 October 2026. The date starts the schedule.
- Maker: full name, «of legal age» and the home address. Add one valid ID, such as a UMID or passport number.
- Payee: the lender's full name after «to the order of». That phrase keeps the note negotiable.
- Amount: fifty thousand pesos in words and PHP 50,000.00 in figures. Add «Philippine currency» after the figure.
- Interest: the rate per year on the unpaid balance. Leave the line out if the loan carries none.
- Schedule: the number of installments, each amount and the first date. Check the total against the amount.
- Signatures: the maker, an optional co-maker and two witnesses. The notary adds the acknowledgement below.
Variants for common loans
Each variant changes one paragraph of the same note.
- Single payment: «I will pay the full amount on [date] at [place of payment].»
- With co-maker: «[Co-maker name] binds himself jointly and severally with the maker to pay this note.»
- Goods on credit: «This note is for goods bought on credit from [store name] on [date].»
- No interest: «This note bears no interest if each installment is paid on its due date.»
Promissory note in Tagalog
Many borrowers prefer to read the promise in Tagalog. These lines match the English note.
«Ako, si [pangalan ng nangutang], na nakatira sa [tirahan], ay nangangakong magbabayad kay [pangalan ng nagpautang] ng halagang [halaga sa salita] (PHP [halaga]).»
«Babayaran ko ito sa [bilang] buwanang hulog na PHP [halaga] simula sa [petsa].»
«Kapag hindi ako nakabayad ng isang hulog, ang buong natitirang halaga ay dapat ko nang bayaran agad.»
Keep the English note as the signed original and attach the Tagalog lines if helpful.
A second example from Davao
A rice supplier in Davao City sells PHP 24,000.00 of stock to a sari-sari store.
The store owner signs a note for three payments of PHP 8,000.00 with no interest.
The dates fall on the 15th of November, December and January.
The supplier gives a receipt at each delivery and notes the payment on the ledger.
Getting it notarized
Bring the unsigned note and one valid ID for each signer to the notary.
The signers sign in front of the notary, who records the acknowledgement.
Ask for enough copies for the lender, the borrower and the co-maker.
Let the reminders go out on their own
Makatea sends the reminder before each installment on WhatsApp and records the payment. The lender sees the balance of every note in one list. Try it free for 14 days, no card needed.
Free on Makatea: promissory note template · free receipt template
Frequently asked questions
Is a promissory note valid in the Philippines without a notary?
Yes, between the parties. Notarizing it makes it easier to prove in court.
What makes a promissory note negotiable?
Act 2031 section 1: in writing, signed, an unconditional promise of a sum certain, a set time and payable to order or bearer.
Can the note charge interest?
Yes, if the rate is written in the note.
Can I use it for school fees?
Yes. The tuition version names the student and the term.
Is there a promissory note in Tagalog?
Yes. The Tagalog lines above match the main promise and the default clause of the note.
Who should be the co-maker?
An adult who can pay if the maker does not. Many lenders ask for a relative with steady income.
Is this template legal advice?
No. This template is a private document between the parties. It is not legal advice and it does not replace a lawyer for large sums.
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