Manila: The Pag-IBIG Fund announced on Thursday that it is offering a one-month payment moratorium to assist its members who are recovering from the recent magnitude 7.8 earthquake in Mindanao. The agency also reminded members about the housing loan insurance benefits available to them.
According to Philippines News Agency, Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board Chairman Jose Ramon Aliling stated that these measures reflect the agency's commitment to supporting Filipino workers affected by disasters. Aliling cited President Marcos' call for government agencies to act urgently and compassionately in helping Filipinos affected by such events.
'In response, Pag-IBIG Fund is offering a one-month payment moratorium to help ease the financial burden of Housing Loan borrowers affected by the Mindanao earthquake," Aliling said. He further explained that borrowers whose homes were damaged by the earthquake could file claims under the insurance coverage of their Pag-IBIG Housing Loan, which can help cover repair costs.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta highlighted that the agency has streamlined the application process, allowing members to apply at any physical branch or through the virtual Pag-IBIG platform. Accessible channels have also been established for housing loan insurance claims.
'This one-month payment moratorium is meant to give affected borrowers one less financial concern as they recover," Acosta mentioned. She noted that the application process is convenient and free of charge, with no penalties or added interest during the moratorium period. The payment term will be extended accordingly.
The moratorium is available to eligible housing loan borrowers and buyers in areas declared under a state of calamity due to the earthquake. Insurance claims for damaged properties can be filed at any Pag-IBIG Fund branch.
In addition to the moratorium and insurance, Pag-IBIG is offering its Calamity Loan and Home Improvement Loan programs. The Calamity Loan program allows eligible members in calamity-stricken areas to borrow up to 90 percent of their total Pag-IBIG Regular Savings at an interest rate of 5.95 percent per annum, with a three-year payment term and a three-month grace period before the first payment.
The Home Improvement Loan enables qualified members to borrow up to PHP300,000 for repairs, payable within five years, featuring a promotional rate of 3 percent per annum for the first 10,000 borrowers.
Acosta reassured members that Pag-IBIG services remain accessible through online channels, operational branches, and the "Lingkod Pag-IBIG on Wheels" mobile service, which will be deployed to bring frontline services directly to affected communities. She emphasized Pag-IBIG Fund's dedication to making recovery easier, faster, and more affordable for affected members, in alignment with President Marcos' directive to extend assistance to calamity-stricken Filipinos.
