SHFC grants 1-month payment moratorium for typhoon victims

The Social Housing Finance Corporation (SHFC) has announced a one-month moratorium on monthly payments for borrowers impacted by Tropical Storm Kristine. This initiative aims to provide crucial financial relief to families grappling with the aftermath of the storm’s devastation.

In a recent statement, SHFC President and CEO Federico A. Laxa emphasized the organization’s commitment to supporting beneficiaries in their recovery efforts. “We are monitoring the situation closely and are dedicated to extending the necessary support to help our beneficiaries recover from this calamity,” Laxa stated. He expressed hope that this payment deferment would ease the financial burden on affected communities.

The decision for the moratorium aligns with directives from Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development, in line with President Ferdinand Marcos Jr.’s comprehensive disaster response strategy. Laxa highlighted that this coordinated effort is designed to offer prompt assistance to families in distress.

For those beneficiaries who prefer to continue their payments, SHFC has made arrangements through various online platforms, including GCash, Maya, and BPI. “This flexibility allows those who wish to maintain their regular payment schedules to do so, despite the challenges posed by the storm,” Laxa added.

Currently, SHFC is managing 12 ongoing projects under the Pambansang Pabahay Para sa Pilipino Program (4PH). These developments are taking place in locations such as Crystal Peak Estates in San Fernando City, Pampanga; People’s Ville in Davao City; and Valley View Township in Tagoloan, Misamis Oriental. The initiative is part of a larger goal to deliver over 505,000 housing units by 2028, with plans to hand over more than 300 housing units at Crystal Peak Estates and around 400 units at People’s Ville by December.

In addition to SHFC's efforts, the Social Security System and the Government Service Insurance System are also providing calamity and emergency loans to individuals affected by the recent typhoon. The Land Bank of the Philippines is facilitating quick access to salary loans and offering financial support to cooperatives, micro, small, and medium enterprises for disaster recovery.

Finance Secretary Ralph G. Recto assured the public that the national government is financially prepared to support relief and rehabilitation efforts. “Rest assured, we have adequate funds in the National Treasury to quickly deliver more critical services and fund post-disaster emergency response, recovery, and reconstruction efforts,” he stated.