Moratorium on GSIS, SSS, Pag-IBIG loan payments pushed

Senator Nancy Binay on Wednesday urged the Government Service Insurance System (GSIS), Social Security System and Pag-IBIG, as well as other government financial agencies and offices, to impose a six-month to one-year loan payment moratorium for those affected by the restive Taal Volcano as a way to help ease their burdens.

It's a way for government agencies to show continuing concern for its members, and it's a way of helping out its members during their times of need," Binay said in a statement.

Besides government institutions, the senator also called on private and government banks, lending agencies, and financial institutions to defer loan payments of borrowers in areas declared under a state of calamity.

Likewise, she also urged local government units (LGUs) in the affected areas to defer collecting penalties from individuals who are unable to pay real property taxes, as well as businesses that are unable to renew their business permits.

"The situation calls for everyone to be more caring and compassionate, she said.

Yung pagbibigay ng loan moratorium and debt restructuring ay malaking tulong para makabangon ang ating mga kababayan (The granting of loan moratorium and debt restructuring would greatly help our countrymen to get to their feet). Compassionate care is an important component of rebuilding, and will surely make a difference," Binay said.

The province of Batangas was placed under a state of calamity a day after Taal Volcano erupted. According to reports from the Batangas Provincial Disaster Risk Reduction and Management Council (PDRRMC), over 200,000 individuals have been affected by Taal's activity.

About 17,000 individuals or more than 3,000 families in the most affected towns of Balete, Laurel, San Nicolas, Talisay and parts of Lipa and Tanauan City have initially been evacuated.

Binay had earlier called on the government to enlist the help of the private sector in procuring masks as well as other supplies that would protect citizens in affected areas.

She also scored the "enterprising" attitude of traders and hoarders who have taken advantage of the situation and exacerbated the lack of supply.

Binay warned that there are serious repercussions for establishments that would be proven to have marked up the prices of goods during the crisis.

Source: Philippines News Agency