Pag-IBIG grants 3-month moratorium on all loan payments amid COVID-19 quarantine in Luzon

The Home Development Mutual Fund or Pag-IBIG Fund has announced that it would grant a three-month moratorium on loan payments for its members in Luzon affected by the enhanced community quarantine against COVID-19.

In an interview, Pag-IBIG vice president Kalin Franco-Garcia said eligible to apply for the moratorium were borrowers of Pag-IBIG Fund Housing Loan, Multi-Purpose Loan, and Calamity Loan with payments due on March 16, 2020 until June 15, 2020.

“This is only for members residing in Luzon and in the National Capital Region as this is where the enhanced community quarantine is declared,” Franco-Garcia said.

She said Pag-IBIG was not closing the possibility of offering the grant to members in other areas such as in Visayas and Mindanao as the need arises.

The Pag-IBIG official said members needed to apply for the three month moratorium on loan payments. She said this was meant to give members the prerogative if they would avail of the three-month moratorium on loan payments.

“May members kasi na ayaw ‘yun kaya ayaw namin gawin na di  sapilitan,” Franco-Garci said.

She said Pag-IBIG needed to evaluate those applying for the moratorium to determine their eligibility.

Pag-IBIG Fund will start receiving applications once the community quarantine has been lifted.

Members may submit their application at the nearest Pag-IBIG Fund branch until June 15, 2020.

"President Duterte is exerting all efforts to lead the nation in fighting the corona virus," Pag-IBIG Fund Chairman and Department of Human Settlements and Urban Development Secretary Eduardo del Rosario said in a separate statement.

"Pag-IBIG Fund supports the President's efforts and understands the plight of its members in these challenging times,” he added.

“Our Board of Trustees saw this as an urgent measure and immediately voted for the grant. This moratorium will help alleviate our members’ worries so that they could focus on providing for the basic necessities and safety of their families," del Rosario said.

For his part, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said that the welfare of their members is the agency’s top 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. Our goal, therefore, is to meet their needs and empower our Filipino workers. Thus, we will do what we can to ensure that they will not be put in a difficult situation especially in trying times such as these,” he said. —NB, GMA News