Pag-IBIG offers 3-mo loan moratorium

Credit to Author: The Manila Times| Date: Wed, 18 Mar 2020 17:10:43 +0000

The Home Development Mutual Fund (Pag-IBIG Fund) is offering a three-month moratorium for all loans to its member-borrowers to help defray their expenses during the “enhanced community quarantine” implemented by the government to contain the coronavirus disease 2019 (Covid-19) outbreak in the country.

In a statement on Tuesday, Human Settlements Secretary and Pag-IBIG Fund Chairman Eduardo D. del Rosario said the moratorium, which the state-run fund’s board of trustees voted for after deeming it “urgent,” would “help alleviate our members’ worries so that they could focus on providing for the basic necessities and safety of their families.”

He also said President Rodrigo Duterte “is exerting all efforts to lead the nation in fighting the coronavirus,” adding that Pag-IBIG supported his “efforts and understands the plight of its members in these challenging times.”

Eligible to apply for the moratorium are Pag-IBIG Fund Housing Loan, Multipurpose Loan, and Calamity Loan borrowers with payments due on March 16 to June 15, 2020. Presently, only those residing in Metro Manila and in Luzon can avail themselves of the offer.

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, the welfare of their members is the fund’s priority.

“Pag-IBIG Fund’s mandate is to promote the security of its members, either by providing a loan facility for their permanent shelter, or a savings plan that allows them to prepare for the future,” Moti said.

“The Lingkod Pag-IBIG service is not just about providing excellent results; it’s about providing tapat na serbisyo, mula sa puso (honest service from the heart). Our goal, therefore, is to meet their needs and empower our Filipino workers,” he added.

“[W]e will do what we can to ensure that they will not be put in a difficult situation especially in trying times such as these.”

Pag-IBIG Fund will start receiving applications once the enhanced community quarantine has been lifted. Members may submit their application at the nearest Pag-IBIG Fund branch until June 15, 2020.