Written by: Rita Magallona
Last April 15, 2020, the Pag-IBIG Fund announced a grace period to all Pag-IBIG members who have loan payments due within the Enhanced Community Quarantine. This is provided under the implementing rules and regulations (IRR) of RA 11469 (Bayanihan to Heal as One Act) signed by President Rodrigo Duterte.
Grace Period for Pag-IBIG Loan Payments
The grace period allows Pag-IBIG members living or working in areas covered by the Enhanced Community Quarantine (ECQ) to defer their Housing Loan, Multi-Purpose Loan, and Calamity Loan payments for 30 days from the due date.
This grace period could be extended should the President or Local Government Unit (LGU) heads decide to extend the ECQ where the member lives or works, like what happened last April 7 and April 24. In effect, members will resume paying their loan payments after the ECQ is lifted.
Difference Between the Grace Period and Three-Month Loan Moratorium
The grace period and the three-month moratorium are two separate programs meant to help members financially cope with the ECQ. As such, there are major differences between them.
|FAQ||Grace Period||Three-Month Moratorium|
|Do you need to apply?||No. It is automatic||2%|
|What is the basis?||IRR of RA 11469||Offered by Pag-IBIG|
|Who is eligible?||All members who reside or work in ECQ zones and with a Housing Loan, MPL, or Calamity Loan||Members with a Housing Loan, MPL, or Calamity Loan whose income has been impaired by the State of Calamity and Public Health Emergency|
|Which due dates are covered?||Due dates within the ECQ period, including extensions||Housing Loans (March 16 to June 15, 2020); MPL and Calamity Loan (April 15, May 15, June 15, 2020)|
|What are the benefits?||Payments are deferred for 30 days from the due date or longer if ECQ is extended.||Covered payments are suspended for three months|
|Will interest and penalties be charged during the deferred period?||Penalties: No,|
|Penalties and Interest: No|
|When will the payments resume?||On or before the next due date after ECQ is lifted||On or before the next due date after June 15, 2020|
|How much is the amount due?||All amortization due during ECQ and its extension. Accrued interest may be paid at any time during the remaining term of the loan||One month loan payment and insurance premiums during the three-month moratorium period (housing loan).|
Take note that the Enhanced Community Quarantine has been extended to May 15, 2020 for Metro Manila and other high-risk areas to further curb the spread of COVID-19.
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