The Social Housing Finance Corporation (SHFC) has announced a three-month moratorium on monthly amortizations of its socialized housing loan borrowers amid the economic impact on the borrowers of the novel coronavirus 2019 (Covid-19).
The moratorium will be effective from March 16 to June 15, said Atty. Arnolfo Ricardo Cabling, president of the government key shelter agency implementing the socialized housing program of the administration of President Rodrigo Duterte.
This developed as the Department of Human Settlements and Urban Development (DHSUD) on Friday suspended the collection of monthly loan amortization to its more than 5 million key shelter agencies (KSAs) members amid the implementation of the enhanced community quarantine over Luzon and other provinces to contain the spread of the coronavirus disease.
The KSAs, under the umbrella of DHSUD, include the Social Housing Finance Corporation., Home Development Mutual Fund (Pag-IBIG) and the National Home Mortgage Finance Corporation.
DHSUD Secretary Eduardo Del Rosario said a total of 5,225,783 KSA members and beneficiaries will benefit from the three-month moratorium.
The government’s housing czar said the DHSUD allowed a three-month moratorium to its KSAs members and beneficiaries so that “they will be able to comply with the quarantine guidelines imposed by the government.”
He said the suspension of monthly payment will “ help ease the burden of the payees” amid the Covid-19 crisis.
“By offering the moratorium, member-beneficiaries of our KSAs won’t have to worry about their monthly amortizations anymore in the next three months amid the COVID-19 scare,” he said. The moratorium period is effective from March 16 until June 15.
“This is DHSUD’s initiative in support of President Duterte’s all-out efforts to assist our kababayans amid these challenging times,” he added.