Fines to be Waived for Filipino Home Loan Borrowers

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Overseas Filipino workers (OFWs) who have defaulted in the payment of their housing loans from Manila’s Pag-IBIG or Home Development Mutual Fund, are encouraged to apply for penalty condonation from January 2012.

Pag-IBIG Fund assistant manager and representative for Dubai and the Northern Emirates (DNE) Juanito Jareno, said the agency’s board of trustees chaired by Vice-President Jejomar Binay, decided to offer the condonation package to enable members — who have accrued arrears in the repayment of their housing loans — to update their accounts.

In a statement forwarded to The Gulf Today, Pag-IBIG Fund chief executive officer Atty. Darlene Marie Berberabe, said housing loan borrowers should also understand that the money extended to them was pooled from the hard-earned savings of other members, be they in the Philippines or overseas.

“This makes it all the more imperative for us to recover the money we lent to them. If a borrower defaults in his payment, Pag-IBIG will institute appropriate proceedings,” Berberabe said.

“This is their last chance to pay their obligations,” she added. Berberabe echoed the call of Binay, who as presidential adviser on OFW Concerns and chairman of the Housing and Urban Development Co-ordinating Council, apart from being the chairman of the board of trustees of the Pag-IBIG Fund, wants all Filipino workers to realise their dream of owning their homes.

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