More than 5.2 million members of key shelter agencies (KSAs) under the Department of Human Settlements and Urban Development (DHSUD) will benefit from the three-month moratorium, or suspension of monthly payment, on their loan amortization.
A total of 5,225,783 member-beneficiaries have outstanding housing, multi-purpose and calamity loans to the four KSAs.
DHSUD Secretary Eduardo del Rosario said that the three-month moratorium will help a lot the members and beneficiaries to ease their burden during these difficult times.
“By offering the moratorium, member-beneficiaries of our KSAs won’t have to worry about their monthly amortizations anymore in the next three months amid the Covid-19 scare,” del Rosario said.
The four KSAs have about P31.5 billion in amortizations due in the next three months covering the moratorium.
Del Rosario said that this move is in compliance with Presidential Proclamation 922 dated March 8, declaring a State of National Health Emergency throughout the country due to Covid-19, the expansion of an enhanced community quarantine in Luzon and the subsequent declaration of State of National Calamity.
The KSAs—namely the Home Development Mutual Fund, the National Home Mortgage Finance Corp., the Social Housing Finance Corp. and the National Housing Authority—will soon publish their respective guidelines on the suspension of monthly amortizations.
The moratorium period covers from March 16 up to June 15, 2020.
“This is DHSUD’s initiative in support to President Duterte’s all-out efforts to assist our kababayans amid these challenging times,” del Rosario said.