GMA News Online

Pag-IBIG declares 3-month moratorium on loan payments for typhoon victims

October 4, 2011 9:06pm
State-run housing agency Home Development Mutual Fund, or commonly known as Pag-IBIG Fund, has declared a three-month moratorium on housing loan payments for its member-borrowers adversely affected by typhoons “Pedring" and “Quiel."

Vice President Jejomar Binay, concurrent chairman of Pag-IBIG Fund, said he is optimistic the suspension of loan payments will help alleviate the difficulties faced by its members.

“Earlier, Pag-IBIG Fund extended financial help to its members in the Luzon area who were severely hit by the typhoons through its Calamity Loan Program," Binay said. “Now, the Fund is expanding its assistance program by adding a three-month moratorium on payments of housing loan dues."

The guidelines for the housing loan payment moratorium program will be released within the week, according to Pag-IBIG Chief Executive Officer Darlene Marie Berberabe.

In the meantime, Pag-IBIG members affected by the typhoons can still avail of Calamity Loans.

“They have 90 days from the day their areas were declared under state of calamity within which to submit their applications," Berberabe said.

Members may borrow amounts equivalent to 80 per cent of their total Pag-IBIG savings depending on their length of membership. The loan will be paid over 24-month period, with a grace period of five months. Loan interest is pegged at 10.75 percent per annum.

Even members with outstanding Multi-Purpose Loans (MPL) may still borrow under the program, but their outstanding balance will be deducted from the proceeds of their calamity loan, Berberabe said.

Members are encouraged to visit the Pag-IBIG Fund website for updates. - KBK, GMA News
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