By Ma. Teresa Montemayor | Philippine News Agency
The Pag-IBIG Fund on Thursday said it is offering a one-month payment moratorium to assist members recovering from the recent magnitude 7.8 earthquake in Mindanao.
The agency also reminded members of the housing loan insurance benefits available to them.
Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board Chairperson Jose Ramon Aliling said the measures reflect the agency’s commitment to support Filipino workers affected by disasters.
“President Marcos has called on government agencies to act with urgency and compassion in helping our fellow Filipinos affected by disasters,” Aliling said in a news release.
“In response, Pag-IBIG Fund is offering a one-month payment moratorium to help ease the financial burden of Housing Loan borrowers affected by the Mindanao earthquake.”
He added borrowers whose homes were damaged by the earthquake may file claims under the insurance coverage of their Pag-IBIG Housing Loan, which can help cover the cost of repairs.
Through the payment moratorium, Aliling said the quake victims could prioritize safety and recovery of their families while the insurance coverage under their Pag-IBIG Housing Loan can help cover the cost of repairing their homes.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta said the agency has streamlined the application process, allowing members to apply at any physical branch or through the virtual Pag-IBIG platform.
Accessible channels have also been set up for housing loan insurance claims.
“This one-month payment moratorium is meant to give affected borrowers one less financial concern as they recover.
To make the relief easier to access, they may conveniently apply at any Pag-IBIG Fund branch or through Virtual Pag-IBIG, at no cost and without penalties or added interest during the approved moratorium period. Their payment term will simply be extended accordingly,” Acosta said.
The moratorium is available to eligible housing loan borrowers and buyers whose place of work, business, mortgaged property, or property under installment sale is located in areas declared under a state of calamity due to the earthquake.
Insurance claims for damaged properties can be filed at any Pag-IBIG Fund branch.
Aside from the moratorium and insurance, the agency is also offering its Calamity Loan and Home Improvement Loan programs.
Under the Calamity Loan program, eligible members in state of calamity areas can borrow up to 90% of their total Pag-IBIG Regular Savings at an interest rate of 5.95 percent per annum.
It features a three-year payment term with an automatic three-month grace period before the first payment.
Meanwhile, the Home Improvement Loan allows qualified members to borrow up to P300,000 for repairs, payable within five years.
The program has a promotional rate of 3 percent per annum for the first 10,000 borrowers.
Acosta said Pag-IBIG services remain available through online channels, operational branches, and the “Lingkod Pag-IBIG on Wheels” mobile service, which will be deployed to bring frontline services directly to affected communities.
“In support of President Marcos’ call to bring assistance closer to our fellow Filipinos affected by calamities, Pag-IBIG Fund is making sure that our members have different forms of help they can turn to, from temporary payment relief and immediate cash assistance, to insurance support and affordable financing for home repairs. We are here to help make recovery easier, faster, and more affordable for them,” she said.
