CEBU, Philippines - Delinquent borrowers of the Pag-Ibig Fund have until tomorrow to avail of the Loan Restructuring and Penalty Condonation.
Rio Teves, department manager of the Pag-Ibig Fund, said the program has to be availed by all Housing Loan Borrowers who have been delinquent for at least three months in paying their Housing Loan Amortization.
Teves also reminded employers who have coverable employees from whom they did not collect Pag-Ibig Fund membership contributions are also advised to avail of the Penalty Condonation on the said date.
“After the June 30, 2012 deadline, the Fund will simultaneously start the foreclosure of delinquent Housing Loan Accounts and the filing of criminal cases against erring employers,” Teves said in a press release.
The Pag-Ibig Fund Office will be open tomorrow, Saturday, from 8 a.m. to 5 p.m. to entertain and accept applications for penalty condonation.
Qualified applicants and employers are advised to visit the Pag-Ibig Fund office for details.
Pag-IBIG Housing Loan Restructuring and Penalty Condonation Program is a special program that aims to assist delinquent borrowers/installment buyers to preserve their properties from foreclosure or cancellation of Contract-to-Sell.
This is done by providing borrowers the opportunity to update or restructure their accounts under affordable terms. (FREEMAN)