PHILIPPINES: Pag-IBIG Fund is giving a one-month payment break to eligible housing loan borrowers affected by the recent magnitude 7.8 Mindanao earthquake. Members may also file insurance claims for damaged homes, apply for calamity loans, or seek home repair financing through branches, Virtual Pag-IBIG, and mobile service units.
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Pag-IBIG Offers Breathing Room After Mindanao Quake
Pag-IBIG Fund is giving a one-month payment moratorium to help members recovering from the recent magnitude 7.8 earthquake in Mindanao.
The moratorium is for eligible housing loan borrowers and buyers affected by the disaster.
It covers those whose place of work, business, mortgaged property, or property under installment sale is in an area declared under a state of calamity due to the earthquake.
Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Board Chairman Jose Ramon Aliling said the support follows President Ferdinand Marcos Jr.’s call for government agencies to act quickly and with compassion after disasters.
He said the payment break aims to ease the money burden of affected families while they focus on safety, recovery, and repairs.
No Added Penalty During Approved Moratorium
Pag-IBIG Fund Chief Executive Officer Marilene Acosta said affected members may apply for the moratorium at any Pag-IBIG Fund branch or through Virtual Pag-IBIG.
She said the application is free.
There will also be no penalties or added interest during the approved moratorium period.
Instead, the borrower’s payment term will simply be extended.
This means eligible members can delay one monthly payment without the approved break becoming an extra financial burden.
Damaged Homes May Be Covered By Insurance
Pag-IBIG also reminded members that housing loan insurance benefits are available for borrowers whose homes were damaged by the earthquake.
According to the agency, affected borrowers may file insurance claims under the coverage of their Pag-IBIG Housing Loan.
This can help cover repair costs for damaged homes.
Insurance claims may be filed at any Pag-IBIG Fund branch.
This support is separate from the one-month payment moratorium.
Other Loan Options For Affected Members
Pag-IBIG said members in areas under a state of calamity may also apply for its Calamity Loan.
Under this program, eligible members can borrow up to 90 percent of their total Pag-IBIG Regular Savings.
The loan has an interest rate of 5.95 percent per year.
It is payable within three years and comes with an automatic three-month grace period before the first payment.
For home repairs, Pag-IBIG also offers a Home Improvement Loan.
Qualified members may borrow up to PHP300,000, payable within five years.
The agency said the program has a promotional rate of 3 percent per year for the first 10,000 borrowers.
Help To Reach Affected Communities
Pag-IBIG said its services remain available through online channels, open branches, and its “Lingkod Pag-IBIG on Wheels” mobile service.
The mobile service will be deployed to bring frontline help closer to affected communities.
For members in calamity-hit areas, the next step is to check their eligibility, prepare their loan or property details, and apply through Virtual Pag-IBIG or the nearest branch.
