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