Credit to Author: The Manila Times| Date: Fri, 08 May 2020 16:37:15 +0000
The Home Development Mutual Fund (Pag-IBIG Fund) has made available two programs aimed at giving its members relief in paying their Pag-IBIG loans: the automatic grace period on such payments in accordance with the Bayanihan to Heal As One Act and its three-month moratorium program on all loans.
In a statement, Eduardo del Rosario, Human Settlements secretary and head of the Pag-IBIG Fund Board of Trustees, said the “grace period on all loan payments following the [passage of the] Bayanihan to Heal as One Act and the three-month moratorium on all Pag-IBIG loans will allow our members to prioritize their welfare and that of their families during these challenging times.”
“While these two programs are separate, both seek the same objective of providing financial relief for our members,” he added.
“We are one with the administration’s effort, led by President [Rodrigo] Duterte, to provide borrowers relief on their loan payments during the Covid-19 (coronavirus disease 2019) pandemic.”
The statement comes after the agency reported earlier this week that it had granted the grace period to all its 4.77 million borrowers. This resulted in the postponement of more than P15 billion in total loan payments that fall due during the enhanced community quarantine (ECQ) period, as well as allowed payments to be made on their next due date without incurring any penalty.
The grace period also allowed the staggered payment of the accrued interest on the unpaid principal within the remaining life of the loan.
Meanwhile, the agency continues to offer the moratorium program to members with Pag-IBIG Housing, Multi-Purpose and Calamity loans whose incomes have been impaired by the ECQ or by the closure of businesses as a result of the declarations of a state of calamity or public health emergency in their area.
Made available in mid-March, the program offers a three-month payment extension on loan payments that fall due from March 16 to June 15, 2020 without incurring penalties and other charges.
“Just a day after the declaration of the ECQ was made, we immediately offered a three-month moratorium on all our loans to help our members, particularly those whose incomes would be affected during this period,” Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said.
“The program, in fact, grants immediate approval to moratorium applications of home loan borrowers who are minimum or low-wage earners and borrowers with socialized housing loans.[It] also provides immediate approval to moratorium applications of borrowers who have diligently kept their accounts updated,” he added.
Since the moratorium program’s availability, the agency has received as many as 12,400 applications in a day, with nearly 80 percent of these already approved. Applications to this program can be filed online, with members needing only to provide their Pag-IBIG Housing Loan account number for those with home loans, or their Pag-IBIG Membership ID number for those with Multi-Purpose or Calamity loans.
“While we have automatically granted a grace period on all loan payments in accordance with the Bayanihan to Heal as One Act, our members have the option for a longer payment extension on their loans by applying for our three-month moratorium program,” Moti said.
“We have also made the application process for our moratorium program safe and easy, as members may apply online through our Virtual Pag-IBIG portal,” he added.
“Patuloy pong makakaasa ang aming mga miyembro na kami sa Pag-IBIG Fund ay makakasama nila, lalo na sa pahanon ng krisis (Our members can continue to expect the Pag-IBIG Fund to be with them, especially in times of crisis).”