MANILA, Philippines - Vice President Jejomar Binay announced yesterday that the Pag-IBIG Fund (Home Development Mutual Fund) has declared a three-month moratorium on housing payments for the victims of tropical storm “Sendong” in the cities of Cagayan de Oro, Iligan and Dumaguete.
Binay, chairman of the Pag-IBIG Board of Trustees, said the agency will continue to extend financial help to its members in Mindanao who were severely affected by Sendong through its Calamity Loan Program.
“The Fund (Pag-IBIG) is further expanding its assistance program by adding a three-month moratorium on payments of housing loan dues. 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,” Binay said.
Earlier, Binay, as chairman of the Housing and Urban Development Coordinating Council, directed all key shelter agencies to provide immediate assistance to the victims of Sendong, in the form of a moratorium on the payments of their amortizations and/or suspension of penalties or interests on their loans.
For her part, Pag-IBIG chief executive officer Darlene Marie Berberabe said this is the Pag-IBIG Fund’s way of helping its members as they start rebuilding their lives and livelihood.
Berberabe said the moratorium will cover amortization payments from Dec. 16, 2011 to Feb. 16, 2012.
She said eligible to avail themselves of the moratorium are victims of Sendong whose houses have been damaged or whose sources of livelihood have been affected.
To be entitled, Berberabe said the housing loan of the borrower must be updated as of Dec. 15, 2011. Affected members will be given 30 days to apply for the moratorium.
“Pag-IBIG’s Calamity Loan Program may still be availed of 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 percent of their total Pag-IBIG savings, depending on their length of membership.
Loans are payable within 24 months, with a grace period of five months.