STATE-owned lender Home Development Mutual Fund (Pag-IBIG), popularly known as the Pag-IBIG Fund, announced on Tuesday it is offering a three-month moratorium to its member-borrowers to help defray their expenses during the enhanced community quarantine being implemented by the government in its fight to contain the coronavirus disease 2019 (Covid-19).
In a statement, the HDMF said it “understands the plight of its members in these challenging times.”
“Our Board of Trustees saw this [moratorium] as an urgent measure and immediately voted for the grant,” Pag-Ibig Fund Chairman and Department of Human Settlements and Urban Development Secretary Eduardo D. del Rosario was quoted in a statement as saying. “This moratorium will help alleviate our members’ worries so that they could focus on providing for the basic necessities and safety of their families.”
Eligible to apply for the moratorium are Pag-Ibig Fund housing loan, multi-purpose loan and calamity loan borrowers with payments due on March 16, 2020 until June 15, 2020. Presently, only those residing in Luzon and in the National Capital Region can avail of the offer, the agency said.
Pag-Ibig Fund Chief Executive Officer Acmad Rizaldy P. Moti said that “the welfare of their members is [our] priority.”
“Pag-Ibig Fund’s mandate is to promote the security of its members, either by providing a loan facility for their permanent shelter, or a savings plan that allows them to prepare for the future,” Moti was quoted in the statement as saying. He added that the agency’s service “is not just about providing excellent results; it’s about providing tapat na serbisyo, mula sa puso [reliable service from the heart].
“Our goal, therefore, is to meet their needs and empower our Filipino workers,” Moti said. “Thus, we will do what we can to ensure that they will not be put in a difficult situation especially in trying times such as these.”
Pag-Ibig Fund said it will start receiving applications once the community quarantine has been lifted. Members may submit their application at the nearest Pag-Ibig Fund branch until June 15, 2020.
Article and photo originally posted in BusinessMirror on March 18, 2020.