The Home Development Mutual Fund (Pag-IBIG Fund) announced on Friday that it has granted a 60-day grace period on all housing loan payments and offered a “special loan restructuring program” for its borrowers amid the pandemic.
Housing czar Secretary Eduardo del Rosario, said granting member borrowers with a 60-day grace period on their loan payments is part of the agency’s interventions under Republic Act 11494 or the Bayanihan to Recover as One Act (Bayanihan 2).
Pag-IBIG Fund said it would also implement the Special Housing Loan Restructuring Program to help its members update their accounts and keep their homes, particularly in these trying times.
“We heed and support President (Rodrigo) Duterte’s call to help our fellow Filipinos who are experiencing financial hardships brought about by the Covid-19 pandemic. We recognize that this pandemic continues to impact jobs and businesses in the country,” del Rosario, also Pag-IBIG Fund board chairperson, said in a statement.
Under the Pag-IBIG Fund’s guidelines, he said the granting of the 60-day grace period would be applied automatically to all loan payments on the agency’s Multi-Purpose Loan, Calamity Loan, and Housing Loan, which fall due from September 15 to November 14 this year.
The grace period will give borrowers payment reprieve without incurring any penalty and interest on interest, del Rosario added.
The Pag-IBIG Fund said the program seeks to help borrowers “save their properties from foreclosure.”
The special loan-restructuring program allows borrowers, whose finances have been affected by the pandemic, to renegotiate the terms of their loan and secure a more affordable payment agreement.
Borrowers are urged to apply for the restructuring program online by visiting the “Virtual Pag-IBIG” website.
The deadline for the application is December 15.
Meanwhile, Acmad Rizaldy Moti, Pag-IBIG Fund chief executive officer, said under the Bayanihan 1, the agency has granted a grace period to 4.77 million borrowers and approved nearly 300,000 applications under the agency’s three-month payment moratorium program.
“And now, this added grace period and our Special Housing Restructuring Program will help our member-borrowers – especially those who are currently experiencing financial difficulties – even more,” Moti added. “After our string of ‘best year ever,’ this is the time for Pag-IBIG to show how much we care about our member-borrowers.”
He, however, encouraged those borrowers who are capable of paying to continue paying their loans.
“Better collections will allow us to keep offering loans at low-interest rates to more members. Help us in helping more members because together, we can overcome the challenges we are facing today,” Moti said. (PNA)