MANILA- Members of the Home Development Mutual Fund (Pag-IBIG Fund) from conflict-stricken Marawi City will not be required to pay their loan dues until November, the agency's chief executive officer said Saturday.
"We have placed a moratorium on payments for all housing, calamity, multi-purpose, and other loans so our members in Marawi City can focus on other pressing needs," Pag-IBIG Fund CEO Acmad Rizaldy Moti told ABS-CBN News in a phone interview.
"We are open to extending the moratorium beyond November, but it will depend on ground developments," Moti, who was born and raised in Marawi City, said.
Pag-IBIG Fund made the announcement as clashes between state troops and Islamic State-linked terrorists raged on in Marawi City nearly two months since they erupted.
The conflict has driven out more than 200,000 residents and left much of the city in ruins.
Moti said the fund has earmarked P3 billion to allow its 9,500 members from Marawi City to avail themselves of a Home Rehabilitation and Reconstruction loan package of up to P450,000.
Moti said each member may borrow up to P150,000 under the "express" loan package.
A "regular" loan package amounting to P450,000 per member would also be available provided that "usual requirements" such as building plans and government permits will be presented.
Both loans will have zero interest for the first 6 months and be subject to a subsidized rate of 3 percent for the following 18 months regardless of a member's income level, the agency said in a statement.
"We have a team in Iligan right now. As soon as we get military approval, they will proceed to Marawi so that our members won't have to travel to Cagayan de Oro to apply for these loans," Moti said.
At least P10 million was also earmarked to fund livelihood training programs and psycho-social seminars for the evacuees. Another P1 million will be used to purchase malongs, hygiene kits, and other urgent needs of mothers and children in evacuation centers, he said.