Pag-IBIG to allow deferral, lower payments on housing loans under new program
Secretary Eduardo D. del Rosario, who serves as Chairman of the 11-member Pag-IBIG Fund Board of Trustees and head of the Department of Human Settlements and Urban Development, said that the agency is ready to grant home loan borrowers with lower monthly payments, up to six months of payment relief, and waived penalties on unpaid monthly amortizations under its Special Housing Loan Restructuring Program (SHLRP) to help them better cope with the economic challenges brought by the pandemic. “We understand the need of our members especially during these trying times, that is why we are offering this program to help ease their financial burden and provide them enough time to recover. We want to let them know that the special loan restructuring program is available to our housing loan borrowers who have unpaid monthly amortizations of up to 12 months as of August 2020. We are doing this in support of the government’s efforts, led by President Duterte, in helping Filipinos who are going through financial difficulties caused by COVID-19,” del Rosario said. “If they apply now, they get the chance to resume payment of their restructured loans by as late as March 2021. This gives them at least four months of payment relief. Since we started offering the program in September, we have already received nearly 45,000 applications, but I would like to encourage more borrowers to avail. We will be receiving applications until December 15,” he added.