Loan Condonation and Restructuring Extended for Delinquent Balikatan Borrowers

(Business Mirror) BFS extended its loan condonation and restructuring program in continuing its effort to help Balikatan borrowers realize their homeownership aspirations. Called the Panalo Max Offer, the program was first launched in April 2012 and its primary objective was to offer highly discounted terms for delinquent Balikatan borrowers as well as other term financing resolutions depending on the status of borrowers’ accounts. “It has been BFS’ policy that foreclosure is a last resort and least preferred option in resolution situations. We want borrowers to be able to save their homes and get closure rather than see them go through foreclosure and eviction because of one reason or another. This is what the extended Panalo Max Offer represents – a ‘helping hand’ extended by BFS in realizing our borrowers’ dreams of homeownership,” explained Juno Henares-Chuidian, head of Corporate Communication. To date, the response for the Panalo Max Offer has been positive with thousands of borrowers resolving their accounts which included Balikatan borrowers who were based abroad as overseas Filipino...