Pag-IBIG declares 3-month moratorium for 'Sendong' survivors
Survivors of tropical storm "Sendong" (Washi) stand to benefit from a three-month moratorium on housing loan payments for its member-borrowers, according to the Home Development Mutual Fund (Pag-IBIG Fund).
Vice President and Pag-IBIG board of trustees chairman Jejomar Binay said the moratorium is an expanded assistance of the home development fund, which is already extending financial help to its members in Mindanao through its Calamity Loan Program.
“We are aware of the severity of the hardship faced by our fellow Filipinos in Mindanao because of 'Sendong' and they need all the help that we can extend to them,” Binay said in a news release posted on the Office of the Vice President website.
The moratorium will cover amortization payments from December 16, 2011 to February 16, 2012.
Eligible to avail of the moratorium are victims of Sendong whose houses have been damaged, or whose sources of livelihood have been affected by the storm.
"To be entitled, the housing loan of the borrower must be updated as of December 15, 2011. Affected members will be given 30 days to apply for the moratorium," the OVP said.
Earlier, Binay – who chairs the Housing and Urban Development Coordinating Council (HUDCC) – directed all key shelter agencies (KSAs) to “provide immediate assistance to the victims of Sendong.
Such assistance may be in the form of a grant of a moratorium on the payments of their amortizations and/or suspension of penalties or interests on their loans, he said.
Binay also directed that the moratorium be implemented immediately.
Pag-IBIG Chief Executive Officer Atty. Darlene Marie Berberabe said this is the Fund’s way of helping its members as they start rebuilding their lives.
Calamity loan
Berberabe also said Pag-IBIG’s Calamity Loan Program may still be availed by those affected by Sendong.
"They have 90 days from the day their areas were declared under state of calamity within which to submit their applications,” she said.
Under the program, members may borrow amounts equivalent to 80 percent of their total Pag-IBIG savings, depending on their length of membership.
Loans are payable within a period of 24 months, with a grace period of five months. — LBG, GMA News
Vice President and Pag-IBIG board of trustees chairman Jejomar Binay said the moratorium is an expanded assistance of the home development fund, which is already extending financial help to its members in Mindanao through its Calamity Loan Program.
“We are aware of the severity of the hardship faced by our fellow Filipinos in Mindanao because of 'Sendong' and they need all the help that we can extend to them,” Binay said in a news release posted on the Office of the Vice President website.
The moratorium will cover amortization payments from December 16, 2011 to February 16, 2012.
Eligible to avail of the moratorium are victims of Sendong whose houses have been damaged, or whose sources of livelihood have been affected by the storm.
"To be entitled, the housing loan of the borrower must be updated as of December 15, 2011. Affected members will be given 30 days to apply for the moratorium," the OVP said.
Earlier, Binay – who chairs the Housing and Urban Development Coordinating Council (HUDCC) – directed all key shelter agencies (KSAs) to “provide immediate assistance to the victims of Sendong.
Such assistance may be in the form of a grant of a moratorium on the payments of their amortizations and/or suspension of penalties or interests on their loans, he said.
Binay also directed that the moratorium be implemented immediately.
Pag-IBIG Chief Executive Officer Atty. Darlene Marie Berberabe said this is the Fund’s way of helping its members as they start rebuilding their lives.
Calamity loan
Berberabe also said Pag-IBIG’s Calamity Loan Program may still be availed by those affected by Sendong.
"They have 90 days from the day their areas were declared under state of calamity within which to submit their applications,” she said.
Under the program, members may borrow amounts equivalent to 80 percent of their total Pag-IBIG savings, depending on their length of membership.
Loans are payable within a period of 24 months, with a grace period of five months. — LBG, GMA News
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