To help home loan borrowers cope during the COVID-19 pandemic, the Pag-IBIG Fund is offering up to six months of payment relief, more affordable amortization, and waived penalties under its special restructuring program.
Secretary Eduardo del Rosario, chairman of the 11-member Pag-IBIG Fund Board of Trustees and head of the Department of Human Settlements and Urban Development, said that the agency is offering a Special Housing Loan Restructuring Program to further help Pag-IBIG housing loan borrowers keep their homes amid the pandemic.
“We understand the needs of our members especially during these times, that is why we are offering this program to help ease their financial burden and provide them time to financially recover until they are able to pay their loans,” Del Rosario said.
This initiative, Del Rosario said, is in support of the government’s efforts to help Filipinos who are going through financial difficulties due to the pandemic.
“We are offering a special loan restructuring program to our housing loan borrowers with unpaid monthly amortizations of up to 12 months as of August 2020,” he said.
Del Rosario explained that under this loan restructuring program, borrowers are given the option to lower their monthly payments by extending their loan term, spread the settlement of unpaid dues, and waive penalties on arrears.
“We are also giving them the option to resume payment of their restructured loans by as late as March 2021. This gives them up to six months of payment relief,” Del Rosario added.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said that borrowers may apply for the loan restructuring program online as the agency continues to move transactions to its Virtual Pag-IBIG facility to promote better safety and convenience for members.
Moti said that Pag-IBIG will accept applications for its Special Housing Loan Restructuring Program via Virtual Pag-IBIG to “make it easier and safer for our borrowers.”
“There is no need to go to our branches anymore, they can conveniently apply for the program from their homes” Moti explained.
“We are also giving all our borrowers ample time to apply as the program is available to them until Dec. 15 of this year,” he added.
Moti also clarified that since the loan restructuring program is meant to help borrowers amid the pandemic, “we will not be asking for down payment nor will we charge a processing fee for applications.”