Vice President Jejomar C. Binay announced today that the Home Development Mutual Fund (HDMF or Pag-IBIG Fund) has declared a three month-moratorium on housing loan payments for its member-borrowers who were affected by the destruction caused by typhoon “Sendong.” Binay is chair of the Pag-IBIG Board of Trustees.
“Pag-IBIG Fund continues to extend financial help to its members in Mindanao who were severely hit by the typhoon through its Calamity Loan Program. The Fund now is further expanding its assistance program by adding a three-month moratorium on payments of housing loan dues,” Binay said. “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.”
Earlier, the Vice President, as chairman of the Housing and Urban Development Coordinating Council (HUDCC), directed all key shelter agencies (KSAs) to “provide immediate assistance to the victims of Typhoon “Sendong,” 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.” The Vice President also directed that the moratorium be implemented immediately.
Pag-IBIG Chief Executive Officer Atty. Darlene Marie B. Berberabe said that this is the Fund’s way of helping its members as they start rebuilding their lives and livelihood.
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 typhoon.
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.
“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,” Berberabe said.
Under the program, members may borrow amounts equivalent to 80 per cent 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.