Suspension of loan payments for 'Ondoy' victims OK'd

MANILA, Philippines - Administration and opposition congressmen approved last Monday night a measure that provides financial relief to victims of tropical storm “Ondoy” through the suspension for 90 days of payments for government loans.

Speaker Prospero Nograles expressed hope that the Senate, which is dominated by opposition lawmakers, would also approve House Joint Resolution 47 that would suspend loan payments, provide condonation of interests and its accompanying penalties.

“We will immediately send the joint measure to the Senate for its appropriate action. We will continue to seek other forms of relief and help our people and our economy recover,” he said.

“Under House Joint Resolution 47, we are likewise urging other financial institutions from the private sector to do the same as a form of financial and economic relief for our people. I hope we can implement this immediately,” Nograles said.

He said typhoon victims need all the necessary assistance and relief available from the government since many parts of Luzon are still recovering from the devastation of Ondoy and the threat of typhoon “Pepeng” to northern Luzon.

“Giving our people at least three months reprieve could be a great relief as the victims try to recover from the devastation inflicted by the floods that wreck houses, public and private infrastructures, agriculture and businesses,” Nograles added.

The approval of the measure was made possible through the efforts of the House leadership led by Nograles, an administration stalwart, with the help of Minority Leader Ronaldo Zamora and Rep. Darlene Antonino-Custodio.

Majority Leader Arthur Defensor and Senior Assistant Majority Leader Neptali “Boyet” Gonzales II were also principal authors of the measure.

The authors said the relief mechanism being espoused by the government in the form of fund releases and loans may not be enough, considering that emotional, social and economic recovery prove difficult, especially if it concerns sudden loss of lives and dwellings.

The joint resolution mandates “all government financial institutions such as the Government Service Insurance System, Social Security System and Pagtutulungan – Ikaw, Bangko, Industriya at Gobyerno (Pag-IBIG) to immediately effect suspension for at least 90 days of loan payments and condonation of interests and penalties thereat of the borrowers who are victims of typhoon Ondoy as a form of financial and economic relief, and urging other financial institutions from the private sector to do the same.”

Other principal authors include Reps. Del de Guzman, Jesus Crispin Remulla, Juan Edgardo Angara, Albert Garcia, Rene Velarde, Anna York Bondoc, Janette Garin, Vincent Crisologo, Oscar Malapitan, Victor Aguedo Agbayani, Roman Romulo;

Reps. Marc Douglas Cagas, Adam Relson Jala, Antonio Diaz, Roilo Golez, Satur Ocampo, Ferdinand Marcos Jr., Rufus Rodriguez, Didagen Dilangalen, Ana Theresia Baraquel, Liza Maza, Mar-Len Abigail Binay and Herminia Ramiro.