MANILA, Philippines - To help its nationwide borrowers pay their overdue loans under its credit programs, Quedancor now offers the Quedancor Amnesty Program (QAP) with full condonation of surcharges and penalties and repriced interest rate.
Under the QAP, all borrowers, their co-makers, and heirs of deceased borrowers who want to settle their defaulting accounts under the various Quedancor programs may apply for loan amnesty and may pay in full or installment term for a maximum of three years.
For the full settlement, surcharges and penalties will be condoned plus waiver of outstanding additional interest for the first five years.
On the other hand, installment payment also enjoys condonation of surcharges and penalties; 50 percent reduction of outstanding additional interest and repricing of interest rate on the outstanding principal subject of QAP. Outstanding interest may be paid outright or amortized by the borrower within the term of the loan under the QAP which can be for a maximum term of three years.
OIC president Armando Crobalde Jr. said the bolder move is necessary because most of the delinquent borrowers are hard-up in paying their matured loans due to compounding interests and charges.
“Republic Act 7393 states that the corporation has the power to prescribe fees and charges for the corporation’s services and fix interest and penalty charges for delinquent accounts, but condonation or reduction of interests shall be subject to the approval of higher authorities such as the Commission on Audit, President of the Republic or Congress, as the case maybe” Crobalde added.
The Quedancor Amnesty Program takes effect from March 2015 to February 2016. Borrowers may approach the Collection and Remedial Management Officer (CRMO) of QUEDANCOR in the regional offices handling their accounts or call the Collection and Remedial Accounts Division at (02)3739705. They may also text the Quedancor Hotline 0927-9217989, email pio_quedancor@yahoo.com or visit www.quedancor.gov.ph