THE Home Development Mutual Fund (Pag-IBIG Fund) is now considering resetting the implementation of its contribution hike to 2022.
This is part of its comprehensive intervention measures to help members affected by the impact of the novel coronavirus disease (Covid-19), especially the crippling lockdowns.
Delayed implementation
Based on the results of their stakeholder consultation, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said on Tuesday they could defer their scheduled P50 contribution hike by six to 12 months.
“We might delay it by 12 months so it will likely be implemented in January 2022,” Moti said during an interview with PTV.
The contribution hike was supposed to be implemented by January 2021 to raise the available funds of Pag-IBIG for its housing loans, or to P100 billion from just P60 billion to P70 billion.
“Unfortunately, because of the pandemic, we will not be able to achieve this,” Moti said.
He noted that workers from the public sector, however, requested if the higher contribution rate could be implemented for their sector since the government is helping them pay for the said contributions.
Grace period
Aside from postponing the contribution hike, Moti said Pag-IBIG will also be implementing a 60-day grace period for loan payments under the Bayanihan to Recover as One Act (Bayanihan 2).
This is aside from the usual loan restructuring made available to their borrowers in order to reduce the impact of their loans on their finances.
Moti said the new round of grace period will benefit their 4 million short-term loan and calamity borrowers as well as the 800,000 housing loan borrowers.
The accrued interest for the said 60 days could be paid by the borrowers within the year.
Moti said there is a proposal in the Pag-IBIG board to implement the scheme under Bayanihan 1, wherein the accrued interest could be paid at the end of a loan term, in their latest grace period.
He said the matter will be discussed on Friday at their next board meeting.
Enough funds
Meanwhile, even with the deferred contribution hike and loan grace period, Moti assured the public that Pag-IBIG has enough funds to provide more loans to its members.
From P603 billion on December 2019, he said, Pag-IBIG’s total net assets grew to P640 billion as of August 2020.
“During these uncertain times we will make sure that your Pag-IBIG Fund will be here for you. That is our commitment to our members,” Moti said.
Buti naman nagpatupad ang pagibig ng 60 day grace period. Kudos sa pagibig at mga public officials. Simula nung marso di na ako nakabayad sa 5900 monthly housing loan dahil nawalan ako ng trabaho dahil sa covid. Ngayon nakapagapply at natanggap na ako sa bagong kumpanya. Magbabayad na ako ulit sa susunod na buwan. Salamat po Pangulong Duterte.
I would like to ask if there is a program for restructuring for housing loan. thanks.