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Pag-IBIG says penalty condonation appeal pending approval of Board of Trustees

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ABS-CBN News

<p>MANILA - The appeal of business groups for a penalty condonation for firms affected by the pandemic has been considered and is now up for the board&#x27;s approval, Pag-IBIG CEO said Monday. </p><p>The Philippine Chamber of Commerce and Industry (PCCI), Employers Confederation of the Philippines (ECOP), and the Philippine Exporters Confederation, Inc earlier asked Pag-IBIG to extend aid for struggling firms in the form of penalty condonation.</p><p>The penalty condonation will cover delinquent employers in the last 2 years. Business groups have also requested for a longer payment plan for those who could not immediately pay within 6 months, Moti told ANC. </p><p>&quot;Given the realities of an economic crisis, we have considered their request and our proposal is to extend it up to 1 year, if necessary, subject to approval. So long as we can see that employers need longer payment plans, we will go for it,&quot; Moti told ANC.</p><p>&quot;We have incorporated these and we will soon present them to the board of trustees of Pag-IBIG. At the management level, the management committee, we approved it recently just last week. [This is now] for presentation for Board of Trustees,&quot; he added.</p><p>With the penalty condonation, the Pag-IBIG fund stands to lose some P868 million in additional income, Moti said, highlighting that in the time of a pandemic the agency is &quot;willing to extend a helping hand.&quot;</p><p>Remittance performance has gone down as the number of actively remitting members decreased to 12 million in 2020. But Moti said there has been a recovery as the total hit 13 million in the first half of 2021.</p><p>The year 2021 is also poised to record the &quot;highest ever&quot; housing loan releases due to the rising demand.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/13/21/business-groups-seek-penalty-condonation-from-pag-ibig">Business groups seek penalty &#x27;condonation&#x27; from Pag-IBIG to ease entrepreneurs&#x27; burden</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1777977" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

With the penalty condonation, the Pag-IBIG fund stands to lose some P868 million in additional income, Moti said, highlighting that in the time of a pandemic the agency is 'willing to extend a helping hand.'