Follow us for updates
© 2020 reportr.world
Read the Story →

Pag-IBIG Borrowers, You Can Delay, Renegotiate Loan Payments

60-day grace period for financial relief.
by John Paulo Aguilera
Sep 25, 2020
Photo/s: PAG-IBIG FUND
Shares

Pag-IBIG Fund said Friday it would offer a 60-day grace period on all loan payments and a restructuring program to help cash-squeezed members in this pandemic. Both lifelines are provided for under Bayanihan 2, the country's COVID-response law.

The grace period covers loans with up to nine months in arrears although Bayanihan 2 prescribes just three months, said Housing Secretary cand Chairman of the Pag-IBIG Board of Trustees Eduardo del Rosario.

The 60-day grace period, without penalty and interest on interest, will be applied automatically to the Multi-Purpose Loan, Calamity Loan, and Housing Loan, from Sept. 15 to Nov. 14, he said.

ALSO READ:
Relief for Borrowers: One-Time, 60-Day Grace Period on Loans is Coming
GCash to Charge a Fee for Bank Transfers Starting Oct. 1

Accrued interest will be payable on a staggered basis until Dec. 31 to make it easier for borrowers, he said.

Borrowers will be allowed to renegotiate terms and prevent foreclosure. They can apply for the program via Virtual Pag-IBIG until Dec. 15.

Continue reading below ↓

Bayanihan 1 gave a grace period to 4.77 million Pag-IBIG borrowers, said its CEOAcmad Rizaldy Moti said.

Latest Headlines
Read Next
Recent News
The news. So what? Subscribe to the newsletter that explains what the news means for you.
The email address you entered is invalid.
Thank you for signing up for COVID-19 updates. All you need to know about the global pandemic from your trusted Summit Media network.
By signing up to reportr.world newsletter, you agree to our Terms of Service and Privacy Policy.