Two government loaning agencies have approved a Rota lawmaker’s request to implement a temporary loan payment deferment program to allow residents to recover from Typhoon Mangkhut.
Saipan Tribune learned yesterday that Sen. Teresita Santos’ (R-Rota) request to the Commonwealth Development Authority, the Marianas Public Land Trust, and other private and public loaning entities to implement a temporary loan payment deferment program had been approved.
According to CDA executive director Manual Sablan, the agency approved a 30-day loan deferment to all CDA borrowers.
CDA clarified that after the initial 30 days, the agency is willing to provide an additional 60 days, spanning October and November 2018, of loan payment deferments. Borrowers and debtors are required to notify CDA that they wish to avail of the additional time. The agency may be informed through phone, email, or by visiting any of the CDA offices.
On Saipan, the CDA building in Oleai would be entertaining requests for additional time. One may call 234-7145 or email email@example.com. On Tinian, CDA at the Kings Building in San Jose would entertain requests. Call 433-9203 or email firstname.lastname@example.org for more information. On Rota, CDA at the Seven Brothers Building in Songsong would entertain extension requests. Call 532-9408 or email email@example.com for more information.
CDA said that no interests will accrue for the entire 90-day period and if borrowers and debtors opt to make payments during the loan deferment period, all payments will be applied to the principal loan balance.
At their Sept. 13, 2018, special meeting, MPLT board members unanimously approved the 90-day deferment payment of both principal and interest to all home loan recipients on Rota.
“We the trustees share deeply your concern for the people of Rota. We hope that this 90-day deferment helps all the home loan recipients on Rota,” MPLT chair Pedro R. Deleon Guerrero wrote in response to Santos.
In a statement to Saipan Tribune, Santos noted that she is appreciative of both CDA and MPLT for quickly and favorably responding to her request for the deferment.
“With this loan deferment, our affected recipients can now have the financial resources to rebuild or restore damage incurred on their homes or properties as a result of the storm,” she said.
In a Sept. 14, 2018 letter, Santos asked CDA, MPLT, as well as other loaning institutions to implement the deferment program. So far, only CDA and MPLT have responded to Santos as of publication.