Pag-IBIG assures no hampered gov’t project despite application of grace period in payment of loans

MANILA, Philippines – Over 120,000 members of the state-owned Pag-IBIG Fund have been granted multi-purpose and/or calamity loans within the duration of community quarantine since the outbreak of coronavirus disease (COVID-19) early this year.
Pag-IBIG Fund Media Affairs Manager Jack Jacinto said this translates to an accumulated amount of around P2-B in loans apart from the approved housing loans within the community quarantine period amounting to an additional P2-B.
Jacinto said a 30-day grace period for payment has been automatically applied to all existing loans within the community quarantine period and members who wish to extend their payment terms may apply for a three-month moratorium.
He also confirmed that around 200,000 members have been granted applications for the moratorium.
The agency assures that the adjustments do not affect any of the government’s existing projects that it supports.
In fact, Pag-IBIG Fund has also allotted a P10-B budget for the government’s housing projects while quarantine orders are in place.
“Habang natutulungan natin ang mga miyembro natin sapagkat nabibigyan natin sila ng pagkakataong magkabahay, makakagenerate pa tayo ng trabaho dahil nga ang construction, napakataas ng multiplier effect nito,” explained Jacinto.
[While we help our members the opportunity to own a house, we are able to generate more jobs because the construction (industry) has a high multiplier effect.]
Those interested to apply for a moratorium may visit the agency’s website at www.pagibigfund.gov.ph. MNP (with reports from Rey Pelayo)