Vice President Jejomar Binay said government has declared a moratorium on housing loans payments because of the widespread flooding in Luzon.
Binay said the key shelter agencies (KSAs) allowed borrowers affected by floods to defer payments of their housing loans.
The Home Development Mutual Fund (Pag-IBIG), National Housing Authority (NHA), and Home Guaranty Corporation (HGC) declared a three-month moratorium on housing loan mortgages.
The National Home Mortgage Finance Corporation (NHMFC) and Socialized Housing Finance Corporation (SHFC) meanwhile imposed a six-month moratorium.
The Vice President said that the moratorium applies to borrowers whose homes or sources of income are in areas declared to be under state of calamity.
“The imposition of the moratorium on payments is our way of helping our borrowers cope with the losses caused by the massive flooding,” he said.