PAG-IBIG declares three-month moratorium on housing payments for victims of typhoons 'Pedring,''Quiel'

October 4, 2011 9:34 pm 

MANILA, Oct. 4– 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 “Pedring” and "Quiel."

Vice President Jejomar Binay, also chair of the Pag-IBIG Board of Trustees, said he was optimistic that the suspension of loan payments would help alleviate the difficulties faced by its members.

Binay said earlier, Pag-IBIG Fund extended financial help to its members in the Luzon area who were severely hit by the typhoons through its Calamity Loan Program. Now, the Fund is expanding its assistance program by adding a three-month moratorium on payments of housing loan dues.

Pag-IBIG chief executive officer Atty. Darlene Marie B. Berberabe said that this was the Fund’s way of helping members as they start rebuilding their lives and livelihood.

Berbarabe said the guidelines for the housing loan payment moratorium program would be released within the week. Members may also visit website www.pagibigfund.gov.ph for updates.

In the meantime, Pag-IBIG members affected by typhoon “Pedring” can still avail of calamity loans.

“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.

“Pag-IBIG will deploy employees to the municipal halls covering areas that have been declared under a state of calamity to accept loan applications on site,” Berbarabe said.(PNA) RMA/FPV/

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