QUEZON CITY, March 20 -- Around five million members of the Key Shelter Agencies (KSAs) of the Department of Human Settlements and Urban Development (DHSUD) stand to benefit from the three-month moratorium on the payment of loan amortization as directed by the DHSUD amid the coronavirus 2019 situation.
DHSUD Secretary Eduardo del Rosario instructed the KSAs – namely the Home Development Mutual Fund (HDMF-PagIbig), the National Home Mortgage Finance Corporation (NHMFC), the Social Housing Finance Corporation (SHFC) and the National Housing Authority (NHA) to issue guidelines on suspending housing loan amortizations over the next three months
In a statement, the DHSUD said this is the pro-active measure of the department after President Rodrigo Roa Duterte’s declaration of a State of National Health Emergency and called on public and private institutions to contribute in easing the difficulties of citizens affected by the health scare by providing extensions on mortgages and bills payments as well as granting reprieve on rental fees.
“This is DHSUD’s initiative in support to President Duterte’s all-out efforts to assist our kababayans amid the COVID-19 crisis,” DHSUD Secretary Del Rosario said.
The moratorium started March 16 up to June 15, 2020.
According to the NHA, the moratorium will cover a total of 263,611 residential accounts and will likely translate into around P450 million non-collection of dues. It noted that collections for commercial accounts will continue.
The NHMFC, meanwhile, said it will suspend borrowers’ payments for more than 18,000 units over the next three months, resulting in a non-collection of some P165.5 million until June this year.
The HDMF, on the other hand, disclosed that collection of payments for housing loans worth P13.8 billion will temporarily be suspended over the next three months. It said that short-term loans (including calamity and multi-purpose loans) amounting to around P16.7 billion will be covered in the moratorium. According to the HDMF, the moratorium will benefit some four million members with short-term loans, as well as around a million housing loan borrowers.
As for the SHFC, it stated that P300-million worth of monthly collection from some 240,000 informal settler families will be suspended during the three-month period.
On Monday, March 16, President Duterte placed the entire Luzon under an Enhanced Community Quarantine restricting movement of people to prevent the further spread of COVID-19. Strict home quarantine and the suspension of mass transport are among the measures that have been enforced. (PIA-DDCU/DHSUD)
source https://pia.gov.ph/news/articles/1036713
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