Pag-IBIG offers condonation to delinquent housing borrowers

MANILA, Philippines - Vice President Jejomar Binay yesterday said the Pag-Ibig Home Development Mutual Fund will offer condonation to delinquent housing borrowers starting January next year.

Binay said the Pag-IBIG Fund’s Board of Trustees, which he chairs, approved a program allowing the agency to condone the penalties incurred by housing loan.

“We are providing our delinquent borrowers an opportunity to make good on their housing loan obligations. We hope that our members realize that when they borrow money from the Fund, and from any other lending institutions, they have obligations to fulfill. As members, they also have a responsibility to keep the Fund secure,” he said.

“I strongly encourage them to avail themselves of this opportunity that we are offering,” Binay added.

The Vice President said Pag-IBIG’s mandate is to assist Filipino workers realize their dream of owning their homes. 

“This is why Pag-IBIG’s housing loan programs provide for the most convenient terms and conditions with interest as low as 6 percent per annum and payment terms as long as 30 years. But our borrowers should fulfill their obligations with Pag-IBIG,” Binay said.

Pag-IBIG chief executive officer Darlene Marie Berberabe said housing borrowers should understand that the loan extended to them was pooled from the hard earned savings of other members. 

“This makes it all the more imperative for us to recover the money we lent to them. If a borrower defaults in his payment, Pag-IBIG will institute appropriate proceedings. So we would like to give our borrowers this last chance to pay their obligations with Pag-IBIG Fund,” Berberabe said.

For more information on the program, borrowers may call the Loans Management Group Billing and Collection I Department at 811-4245, 848-8248, 848-8288 and 811-4029; and Billing and Collection II Department at 811-5184, 848-8241, 848-8287, 848-8294 or 848-8286.