Pag-IBIG to assist Zamboanga residents in rebuilding homes

Vice President Jejomar Binay. FILE PHOTO

MANILA—Saying it wanted to provide timely assistance to its members in times of need, the housing agency Pag-IBIG Fund announced Friday it has approved P32 million in calamity loans for its members in Zamboanga City.

Pag-IBIG said it has approved 1,732 loan applications as of Sept. 30 and was processing 4,000 more loan applications from members affected by the recent conflict in Zamboanga, Vice President Jejomar Binay, chairman of the government agency, said in a statement.

“Pag-IBIG is committed to help ease the suffering of the people of Zamboanga and assist them as they recover from the crisis,” Binay said.

With Zamboanga declared in a state of calamity, the Pag-IBIG is also offering a three-month moratorium on housing loan payments to borrowers whose properties mortgaged with the agency have been damaged in the armed conflict or whose primary source of income has been impaired as a result of the crisis.

“We have five areas of concern in Zamboanga: Rio Hondo, Sta. Catalina, Sta. Barbara, Kasanyangan and Mariki. We have so far identified 95 properties worth P76 million that are located in these areas. We hope to come up with the actual number of units affected as soon as our appraisers are allowed to enter the still-restricted areas and conduct an ocular inspection,” added Pag-IBIG chief executive officer, lawyer Darlene Marie Berberabe.

Housing loan borrowers may apply for the three-month moratorium so long as their loan accounts are updated as of the month prior to the declaration of the calamity. They may file their applications at the Pag-IBIG Zamboanga office.

Earlier, the National Home Mortgage Finance Corp. also announced a six-month moratorium on the amortization of payments for borrowers affected by the Zamboanga conflict.

The NHMFC moratorium starts on Nov. 1 this year and ends April 30, 2014. Borrowers should file their applications not later than Oct. 31 this year.