Home development and mutual fund condones loan, contribution penalties

-A A +A

Wednesday, April 18, 2012

A GOOD number of delinquent Home Development and Mutual Fund (HDMF-Pag-IBIG) borrowers and employers with unpaid contribution remittances have already availed of the penalty condonation of their respective loans and employees contributions in CAR.

HDMF Baguio office marketing and enforcement division chief Lawrence Ocampo said the social-oriented policy is to help the group experiencing financial reverses to avoid being subjected to foreclosures and further penalties.

An estimated 50,000 borrowers and employers in the region face the predicament.


Ocampo explained that “since this lenient policy will end on December 30, 2012, those similarly situated would come to office and avail with the condonation.”

He said that aside from condonation, those who have housing loans are also given restructuring of loans if their status warrants.

Pag-ibig for the last decade has been the government agency, which was able to provide decent homes to hundreds of residents in the region who have titled lands used as collaterals of their respective loan applications.

Ocampo said most of the housing loan borrowers are able to pay their amortizations but there are those who are hard-up in paying on time their respective due accounts. (Aure Galacgac/PNA)

Published in the Sun.Star Baguio newspaper on April 18, 2012.

Local news

DISCLAIMER: Sun.Star website welcomes friendly debate, but comments posted on this site do not necessary reflect the views of the Sun.Star management and its affiliates. Sun.Star reserves the right to delete, reproduce or modify comments posted here without notice. Posts that are inappropriate will automatically be deleted.

Forum rules: Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent and respectful. Do not shout or use CAPITAL LETTERS!

Today's front page

Sun.Star Baguio front page for December 19, 2014

Other front pages

Sun.Star Jobs
  • Pacman blog
  • Obituary
  • Habemus Papam
  • Technology
  • Sinulog
  • goodearth
  • Sunstar Multimedia
  • ePaper
  • Filipino Abroad
  • tell it to sunstar
  • Calamity Report
  • Festivals
  • Pnoy
  • Philippine Polls
  • Sun.Star Zup!
  • SunStar Celebrity