Top officials of Pag-IBIG Fund on Thursday (May 07) reiterated that the agency has made available two programs aimed to provide members relief on loans with its automatic grace period on loan payments in accordance with the Bayanihan to Heal as One Act and its 3-month moratorium program on all loans.
“We are one with the administration’s effort, led by President Duterte, to provide borrowers relief on their loan payments during the Covid-19 pandemic. The automatic grace period on all loan payments following the Bayanihan to Heal as One Act and the 3-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,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Earlier in the week, the agency reported granting an automatic grace period to all its 4.77 million borrowers, deferring more than P15 billion in total loan payments. This move by Pag-IBIG Fund, following the Bayanihan to Heal as One Act, defers all loan payments which fall due during the period of the Enhanced Community Quarantine (ECQ) and allows payment on its next due date without incurring any penalty. The mandatory grace period further allows the staggered payment of the accrued interest on the unpaid principal within the remaining life of the loan.
Meanwhile, the agency continues to offer its moratorium program to members with Pag-IBIG Housing Loan, Multi-Purpose Loan (MPL), and Calamity Loan whose incomes have been impaired due to the Enhanced Community Quarantine (ECQ) or by the closure of businesses as a result of the declarations of state of calamity or state of public health emergency in their area. Made available as early as mid-March, the program provides a three-month payment extension on loan payments which 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 first made, we immediately offered a 3-month moratorium on all our loans to help our members, particularly those whose incomes would be affected during this period. 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. The program also provides immediate approval to moratorium applications of borrowers who have diligently kept their accounts updated,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.
He said that since the moratorium program’s availability, the agency has received as many as 12,400 applications in a day, with nearly 80% of all applications already approved. Applications for the moratorium program can be filed online via the Virtual Pag-IBIG (link: https://www.pagibigfundservices.com/virtualpagibig/LoanMoratorium.aspx), with members needing only to provide their Pag-IBIG Housing Loan Account Number, for those with home loans, or their Pag-IBIG Membership ID (MID) number, for those with MPL or Calamity Loan.
“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 3-month moratorium program. 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. Patuloy pong makakaasa ang aming mga miyembro na kami sa Pag-IBIG Fund ay makakasama nila, lalo na sa pahanon ng krisis. Patunay po dito ang agarang pagkakaloob namin ng grace period na ito, at ang pag-alok ng moratorium na higit pa sa naaayon sa batas, upang lubos na makatulong sa kanila,” Moti added.