Pag-IBIG offers payment relief

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    Pag-IBIG Fund is offering up to six months of payment relief, more affordable amortization, and waived penalties under its special restructuring program to help home loan borrowers cope during the pandemic.

    Secretary Eduardo del Rosario, chairman of the 11-member Pag-IBIG Fund Board of Trustees, in a statement said the restructuring is available to housing loan borrowers with unpaid monthly amortizations of up to 12 months as of August 2020.

    Under this loan restructuring program, borrowers are given the option to lower their monthly payments by extending their loan term, spread the settlement of unpaid dues, and waive penalties on arrears.

    “We are also giving them the option to resume payment of their restructured loans by as late as March 2021. This gives them up to six months of payment relief,” Del Rosario said.

    Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said borrowers may apply for the loan restructuring program online, as the agency continues to move transactions to its Virtual Pag-IBIG facility to promote better safety and convenience for members.

    Moti said the program is open until December 15.