Pag-IBIG grants grace period to 5 million borrowers

MANILA, Philippines — Pag-IBIG has granted a grace period on loan payments of all its borrowers during the enhanced community quarantine, its top officials said.

With the grace period, Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said they have allowed the deferment of loan payments amounting to over P15 billion from 713,225 housing loan borrowers and over 4 million cash loan borrowers.

“Pag-IBIG Fund has always put sustainability over profitability. And for us, sustainability starts with taking care of our members given that the Pag-IBIG Fund is owned by its members. Pag-IBIG is always ready to help whatever the situation, and this pandemic is no exception,” Moti said.

“Our members’ welfare is of primary importance to us, which is why we initiated in March a moratorium program, which is a separate program from the grace period prescribed under the law,” he added.

Under Pag-IBIG Fund’s moratorium program, qualified borrowers are given a longer loan payment reprieve of three months, with all penalties and interests waived.  Members eligible to apply are borrowers of Pag-IBIG Housing Loan, Multi-Purpose Loan (MPL), or Calamity Loan, whose incomes have been impaired by the ECQ or by the loss of jobs or closure of businesses as a result of the declarations of state of calamity or state of public health emergency in their area.

“Our moratorium program provides longer payment relief to members who have lost their jobs or business during the quarantine. But since this is optional, members have to apply for it online. Whichever the case may be, either the grace period or our moratorium program, our borrowers now have one less thing to worry about,” Moti said.