Vice President and housing czar Jejomar C. Binay today announced a six months moratorium on housing loan amortization payments as well as on short-term loan payments and membership contributions for Pag-IBIG Fund members affected by last week’s earthquake in Japan.
Binay, who is also chair of the Board of Trustees of the Home Mutual Development Fund (Pag-IBIG Fund), also instructed Pag-IBIG to look into ways to extend calamity loans to affected Filipinos in Japan through online application and payments. Under the program, a member can borrow up to 80 percent of his or her total savings with the Fund.
Binay said the special assistance package for Filipinos in Japan is aimed at “providing some relief to affected Filipinos and their families as they try to get back on their feet after the calamity.”
Binay further instructed Pag-IBIG to immediately draw up the guidelines for the special assistance program to enable affected Filipinos to avail of the package at the soonest possible time.
Earlier, Pag-IBIG offered a special assistance package for members who fled the conflict in Libya. OFW members can either withdraw their Fund contributions or ask for a six-month moratorium on payment of contributions and loans.
Under the Special Assistance Program, members who fled the Libyan conflict will be given the option to withdraw their contributions even prior to the maturity of their savings.
Pag-IBIG membership is mandatory for Filipinos employed by foreign-based employers, whether they are deployed locally or abroad, under Republic Act 9679. Under the said law, members may only withdraw their contributions upon maturity after 20 years and after making 240 contributions, or under any of the other valid grounds for withdrawal. These include retirement, separation from service due to health reasons, permanent departure from the country, permanent disability or insanity, and death.
Members in the NCR may file their application for the Special Assistance Program at the Pag-IBIG International Operations Group located at the Justine Building in Makati. Those in the regions may file their applications with the nearest branch.