Due to enhanced community quarantine imposed on the entire Luzon, the Home Development Mutual Fund(HDMF), more popularly known as the Pag-IBIG Fund, is putting a three-month moratorium on all loans of its member-borrowers residing in Luzon.
"This moratorium will help alleviate our members’ worries so that they could focus on providing for the basic necessities and safety of their families," Pag-IBIG Fund Chairman and Department of Human Settlements and Urban Development Secretary Eduardo D. del Rosario, said in a press release posted yesterday, March 17, 2020.
PagIBIG members who are eligible to apply for the temporary suspension of payments are Pag-IBIG Fund Housing Loan, Multi-Purpose Loan, and Calamity Loan borrowers with payments due on March 16, 2020 until June 15, 2020. Its offices will start receiving applications once the community quarantine has been lifted on April 12, 2020. You can now also apply for the loan moratorium online via Pag-IBIG's website.
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President Duterte also offered to pay for the rent of cash-strapped tenants and small businesses. He said landlords should allow renters to stay in their property and promised to shoulder the rent if they could no longer pay.
“Nakakulong na nga, wala na nakain, so mag-isip pa sila. Ngayon, kung ayaw mo, huwag mong pilitin na magbayad. Patirahin mo muna diyan sa lugar niya, ako ang magbayad," the President said in his public address as he placed Luzon under enhanced community quarantine on the evening of March 16, 2020.
"I swear to you upon my oath of office, I will pay kung hindi sila makabayad," he stressed.
Under the enhanced community quarantine, everyone should stay home. Malls are ordered closed, and only stores that provide basic needs, such as banks, supermarkets, hospitals, pharmacies, and the like, are allowed to remain open. These establishments should abide by strict social distancing and sanitizing protocols.
Business space proprietors step up to help small businesses
The Department of Trade (DTI), on Sunday, March 15, 2020, released a memorandum stating that all lessors and owners of business spaces should "share the responsibility by waiving the corresponding rental fees and charges" for stores that were ordered to close during the quarantine period, the Philippine News Agency (PNA) reported.
Many mall operators and business space proprietors had waived rental fees for the duration of the quarantine period until April 12, 2020. This is to allow tenants to financially assist their own employees and to cover the losses caused by quarantine.
Banks and other utility companies have also suspended bills payments and waived late fees during the entire period of enhanced community quarantine to help everyone tide through this financially challenging period. (See the list here.)
This article was updated on March 24, 2020, 12 n.n. to add that applications for loan moratorium can also be done online via Pag-IBIG's website.