During the COVID pandemic, a grace period was provided under the IRR of RA 11469 (Bayanihan to Heal as One Act). Under this act, every Pag-IBIG member benefited as payments covered during the ECQ period are deferred for 30 days from the due date without penalties. This was mandatory therefore there is no need for application as it automatically applies to all members. Members covered here are those with:
- Pag-IBIG Housing Loan
- Multi-Purpose Loan
- And/or Calamity Loan
This grace period has ended on May 31 which also signal the resumption of loan payments by the borrowers. However, this short period of loan payment deferral is nothing compared to ongoing pandemic which aggravate the financial situation of more Filipinos. Thus in an effort in finding ways to help its members, the Pag-IBIG Fund Chief and Executive Officer Acmad Rizaldy Moti announced in September 4 that there will have another grace period for loan payments but this time it will be 60 days once the Bayanihan 2 gets enacted into law.
Now, here is the good news for all Pag-IBIG members. President Duterte just signed the Bayanihan 2 Law (Bayanihan to Recover as One Act) this September 11 (news link). Sounds alleviating right?
This law provides fund of P165.5 Billion for response and recovery from this current pandemic (P140 billion worth of regular appropriations and a standby fund of P25.5 billion). Pag-IBIG members is not the only sector which benefits from this bill but almost all sectors which are greatly affected by this pandemic. If you wanna know more about the details of breakdown for this fund, just visit this link.
This is really a good news for all Pag-IBIG members like me. Just imagine we can save 2-month worth of our amortization and it is really a relief for this kind of situation we have right now. All we have to do is wait from Pag-IBIG the release of details for this 60-day grace period. I just hope this covers all members irregardless of the quarantine category imposed to respective area of its members.
If you have new updates from Pag-IBIG about this grace period, please feel free to share it here through your comments. Lets pray all of us receive an SMS notification from Pag-IBIG stating that we are automatically granted of this grace period in our loan payments.
