Pag-IBIG Condonation Program Deadline Today

All offices of the Home Development Mutual Fund, also known as Pag-IBIG, will be open today, the deadline for acceptance of applications from delinquent borrowers or employers for its penalty condonation program.

Pag-IBIG offices nationwide will be open from 8 a.m. to 5 p.m. to accept applications.

Housing loan borrowers whose accounts are in arrears for at least three months may apply for loan restructuring and condonation of penalties, said Pag-IBIG Fund Chief Executive Officer Darlene Marie B. Berberabe.

However, the program does not cover accounts with buyback guaranty.

The condonation program, which began on January 2 and ends today, aimed to provide relief for housing loan borrowers with delinquent accounts and help them preserve their properties.

Under the program, all penalties incurred by the borrower will be condoned, provided his application is filed not later than today.

During the period covered, "the borrower may restructure his loan, including the principal, insurance premium arrears, real estate taxes advanced by the Fund, if any, unpaid interests, and foreclosure expenses, if any," Pag-IBIG said.

After June 30, 2012, a borrower in arrears may only file for loan restructuring.

The penalty condonation program for unregistered or delinquent employers covers employers who have Pag-IBIG "coverable" employees from whom they did not collect membership contributions.

Disqualified from the program are employers who have deducted but did not remit membership contributions and/or short term loan amortizations from their employees, said Berberabe.

Employers who have previously availed of any penalty condonation offered by the Pag-IBIG Fund are also disqualified from this latest program.

The penalty condonation program was made for unregistered or delinquent employers as the agency recognized that some employers were unable to register with the agency due to the accumulation of penalties on uncollected and unremitted contributions.

"After June 30, we have no other recourse but to file cases against unregistered employers as part of the Fund's Intensified Membership Enforcement and Collection Campaign (IMECC)," Berberabe said.

At end of year 2011, there were still some 250,000 employers around the country who had not registered with the Fund, Berberabe said.

"These employers are depriving their personnel of the benefits of membership in the Fund - benefits which include long term savings with better than usual earnings, access to housing finance, and easy access to short-term cash loans in times of need," she said.

The agency vowed to intensify efforts this year to enforce the mandatory provision of Republic Act 9679 or the HDMF Law of 2009.

The law mandates Pag-IBIG membership for all employers and employees covered and should be covered by the Social Security System (SSS) and the Government Service Insurance System (GSIS).

To help enforce the law, Pag-IBIG has forged agreements with local government units which provides for making Pag-IBIG registration a pre-requisite to securing or renewing a business permit.

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