Pag-ibig Offers Six Months Moratorium for Payables

All Pag-ibig Fund (Pag-ibig) members on areas affected by super typhoon Yolanda can now avail the six months moratorium on their payables, said Victoria B. de la Peña, Vice President of Pag-ibig in the Visayas.

De la Peña hinted that the Pag-ibig borrowers who can avail of this moratorium are those with existing housing loans, multi-purpose and various borrowings being offered by the Fund.

De la Peña said that the extension was in accordance with the order issued by Vice-President Jejomar C. Binay after evaluating the damages of lives, livelihood and residences in the different areas of the Visayas region following the onslaught of the super typhoon.

The powerful wind of the said typhoon has devastated the cities of Tacloban and Ormoc and various municipalities in Leyte, Samar province, northern Cebu province and in Iloilo last November 8, 2013.

De la Peña said that those who will avail the moratorium, amortizations on the housing loan, as well as the Pag-ibig multi-purpose loan and other loans being offered by the Fund to its members are temporarily suspended.

The amortization period will be effective after the approval of its application.

However, De la Peña told reporters that their office here in Cebu has not yet received any applications for the said moratorium.

She explained that the moratorium is a process in which a borrower would temporarily hold on its payment within its allowable period. She added that any member who is interested to apply for the moratorium may just come to their office, located at the Pag-ibig Cebu City south branch in Cebu Business Park.