Metro Manila (CNN Philippines, September 4) — Members of the Pag-IBIG Fund stand to benefit from another 60-day grace period for loan payments once the Bayanihan to Recover as One Act, or the Bayanihan 2 becomes law, an official said Friday.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said in a briefing that this is equivalent to the payment moratorium granted to borrowers for loans falling due within the period of enhanced community quarantine. The provision of the grace period is in compliance with the Bayanihan to Heal As One Act and Section 4(aa) of its Implementing Rules and Regulations.
“Nung pinasa ang Bayanihan 1, tayo nakapagbigay ng grace period ng humigit kumulang two months and a half,” Moti said.
[Translation: When Bayanihan 1 was passed, we were able to give a grace period for two months and a half.]
Moti said around 4.7 million Pag-IBIG Fund members availed of the option to defer loan payments as he noted that some borrowers are having a hard time paying religiously.
The official said they continue to find ways to help their members.
On the demand side, Pag-IBIG made sure that it has the “lowest interest rate in the market,” Moti pointed out. The government corporation also offers an economic package so developers will not stop building houses, he said.
“We would want to prevent a deep drop in the productivity in the low cost and socialized housing industry,” he added.
