Pag-IBIG declares 3-month loan moratorium for ‘Sendong’ victims

ZAMBOANGA CITY (MindaNews/25 January) – 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 tropical storm “Sendong.”

In an emailed statement Wednesday, Vice President Jejomar Binay, who chairs the Pag-IBIG board of trustees, said the agency also continues to extend financial help to its members in Mindanao who were severely hit by “Sendong” through its Calamity Loan Program.

“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.

In Mindanao, hardest hit were the cities of Cagayan de Oro and Iligan where over a thousand died while scores are still missing.

Pag-IBIG Chief Executive Officer Darlene Marie Berberabe said the moratorium will cover amortization payments from December 16, 2011 to February 16, 2012.

Eligible to avail of the moratorium are victims of “Sendong” whose houses have been damaged, or whose sources of livelihood have been affected by the calamity.

To qualify, the housing loan of the borrower must be updated as of December 15, 2011.

Affected members will be given 30 days to apply for the moratorium.

“Pag-IBIG’s Calamity Loan Program may still be availed 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 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. (MindaNews)