Update on Pag-IBIG Cash Loans Loan Term amid Crisis
PAG-IBIG CASH LOANS – Amid the financial crisis in the Philippines now, Pag-IBIG Fund wants to assist members with longer payment periods on loans.
A lot of Filipino households are currently struggling financially. Many people lost their job and their source of income amid the COVID-19 crisis in the Philippines now. The pandemic led to the closure of many establishments and companies.
As much as the employers want to retain their businesses, the week-long if not month-long operation restrictions are something that many businesses cannot cope with. It is the hardest for companies and establishments that earn on a daily basis and only incur expenses when there is no operation.
Meanwhile, the people understand the priority now which is health. The national government continuously calls public and private offices for the assistance they can extend to the people.
Pag-IBIG Fund continuously responds to the call of the national government for assistance to the Filipinos. Last year, the government agency observed moratorium on Pag-IBIG cash loans and other existing loan accounts. The grace period under the Bayanihan acts was observed, too.
Recently, there is another offer with regards to Pag-IBIG cash loans. The government agency adjusted the maximum loan term for these loans from two (2) years to three (3) years.
Longer loan terms will give the member-borrowers more time to pay off their loans and it will also pave the way for more affordable monthly dues amid the crisis now. The good news was confirmed by Department of Human Settlements and Urban Development (DHSUD) chairman Secretary Eduardo D. del Rosario.
Rosario stressed that the move of the government agency is in response to the call of President Rodrigo Roa Duterte for services to the Filipinos amid these trying times now. More updates may be posted soon.