MANILA, Philippines—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” last December, said Vice President Jejomar Binay, who is the chairman of the Pag-IBIG board of trustees.
“Pag-IBIG Fund continues to extend financial help to its members in Mindanao who were severely hit by the typhoon through its calamity loan program. The Fund now is further expanding its assistance program by adding a three-month moratorium on payments of housing loan dues,” Binay said in a statement.
Lawyer Darlene Marie Berberabe, Pag-IBIG chief executive officer, said the calamity loan program would be used to help its members as they start rebuilding their lives and livelihood.
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 typhoon.
To be entitled, 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 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 a period of 24 months, with a grace period of five months.