Pag-IBIG Fund is offering a one-month payment moratorium and reminding borrowers of their Housing Loan insurance coverage to assist members recuperate from the devastation attributable to the recent magnitude 7.8 earthquake in Mindanao, officials announced Thursday.
Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Board Chairman Jose Ramon P. Aliling said the measures reflect Pag-IBIG Fund’s continuing commitment to supply responsive support to Filipino employees affected by disasters, as the federal government accelerates assistance and recovery efforts in calamity-hit areas under the leadership of President Ferdinand R. Marcos Jr.
“President Marcos has called on government agencies to act with urgency and compassion in helping our fellow Filipinos affected by disasters,” Aliling said. “In response, Pag-IBIG Fund is offering a one-month payment moratorium to assist ease the financial burden of Housing Loan borrowers affected by the Mindanao earthquake. At the identical time, borrowers whose homes were damaged by the earthquake may file claims under the insurance coverage of their Pag-IBIG Housing Loan, which will help cover the price of repairs.”
“We would like our members to know that the federal government and Pag-IBIG Fund are here for them,” Aliling added. “Through the payment moratorium, they’ll prioritize the security and recovery of their families, while the insurance coverage under their Pag-IBIG Housing Loan will help cover the price of repairing their homes.”
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said Pag-IBIG Fund is making the payment moratorium easier to use for at any Pag-IBIG Fund branch or through Virtual Pag-IBIG, while also providing accessible channels for borrowers filing insurance claims under their Pag-IBIG Housing Loan.
“We understand that within the aftermath of calamities, families need time and support to attend first to what’s most urgent: their safety, their homes, and their family members,” Acosta said. “This one-month payment moratorium is supposed to present affected borrowers one less financial concern as they recuperate. To make the relief easier to access, they could conveniently apply at any Pag-IBIG Fund branch or through Virtual Pag-IBIG, for free of charge and without penalties or added interest in the course of the approved moratorium period. Their payment term will simply be prolonged accordingly.”
Acosta said the moratorium will likely be made available to eligible Housing Loan borrowers and buyers whose workplace or business, mortgaged property, or property under installment sale is positioned in areas declared under a state of calamity because of the Mindanao earthquake. Meanwhile, claims under the insurance coverage of the Pag-IBIG Housing Loan could also be filed at any Pag-IBIG Fund branch or through the agency’s official email address, [email protected].
Along with the insurance and moratorium, Pag-IBIG Fund can be offering its Calamity Loan and Home Improvement Loan at reasonably priced rates.
Under the Pag-IBIG Calamity Loan, eligible members residing in areas declared under a state of calamity may borrow as much as 90 percent of their total Pag-IBIG Regular Savings at a low rate of interest of 5.95 percent each year, the bottom amongst comparable programs. The loan is payable for up to 3 years, with an automatic three-month grace period before the primary payment.
Through the Pag-IBIG Home Improvement Loan, qualified members can borrow as much as ₱300,000 for repairs or home upgrades. The loan is payable inside five years and is currently offered at a promotional rate of three percent each year for the primary 10,000 borrowers.
Acosta said Pag-IBIG Fund services also remain available through its online channels, operating branches, and Lingkod Pag-IBIG on Wheels, which could also be deployed to bring frontline services closer to affected members.
“We all know that recovering from a disaster takes time, resources, and support,” Acosta said. “In support of President Marcos’ call to bring assistance closer to our fellow Filipinos affected by calamities, Pag-IBIG Fund is ensuring that our members have different types of help they’ll turn to, from temporary payment relief and immediate money assistance, to insurance support and reasonably priced financing for home repairs. We’re here to assist make recovery easier, faster, and more cost-effective for them.”
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