A 60-day grace period on all loan payments and a special loan restructuring program for home loan borrowers are offered by the Pag-IBIG Fund to aid its borrowers amid the COVID-19 pandemic.Pag-IBIG Fund’s top officials announced this on Sept. 25 as part of its efforts to provide members financial relief amid the pandemic.
“We heed and support President Duterte’s call to help our fellow Filipinos who are experiencing financial hardships brought about by the COVID-19 pandemic,” Del Rosario said. “We recognize that this pandemic continues to impact jobs and businesses in the country,” he added. “Under the Bayanihan 2 law, the grace period covers loan accounts with up to 3 months in arrears. But under our approved Pag-IBIG guidelines, we will cover loan accounts with up to 9 months in arrears so we can help more borrowers, specifically those whose incomes were affected when community quarantines were first declared in mid-March,” Del Rosario explained.
Meanwhile, the Special Housing Loan Restructuring Program, aims to further help Pag-IBIG housing loan borrowers save their properties from foreclosure. Under the program, borrowers whose finances have been affected by the pandemic may renegotiate the terms of the loan and secure a more affordable payment term.
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