Pag-IBIG Fund announced on Tuesday (02 August) that the agency has allocated P3 billion in calamity loan funds to help members affected by Typhoons Egay and Falcon.
“Pag-IBIG Fund has allocated calamity loan funds to help affected members in Ilocos Norte, Ilocos Sur, La Union, Pangasinan, the Cordillera Administrative Region (CAR), Bulacan, Pampanga, Bataan, and Cavite, recover from the devastation caused by Typhoons Egay and Falcon. We are also working closely with local government units in these areas, as we heed the call of President Ferdinand Marcos, Jr. to provide our fellow Filipinos in these calamity-hit areas with all the necessary assistance,”said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development and Chairperson of the 11-member Pag-IBIG Fund Board of Trustees.
Under the Pag-IBIG Calamity Loan, eligible members may borrow up to 80% of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned. And in consideration of the plight of the members, the loan is offered at a rate of 5.95% per annum, which is the lowest rate in the market. The loan is payable over a period of up to three years, with a grace period of three months so that the initial payment is due only on the fourth month after the loan is released. Qualified borrowers may apply for the calamity loan within 90 days from the date when an area has been declared under a state of calamity.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that the agency has already released P709 million in calamity loans to help 41,873 members in calamity-hit areas in the country as of June this year. She added that Pag-IBIG branches in these areas remain open and are now coordinating with the local government units which have already declared states of calamity in their respective jursidictions, for the deployment of service desks and the agency’s mobile branch, the Lingkod Pag-IBIG On-Wheels, to receive applications for calamity loans from members as well as insurance claims from current Pag-IBIG Housing Loan borrowers whose properties have been damaged due to the typhoon.
“When calamities strike, we at Pag-IBIG understand that our members in affected areas need immediate financial assistance. That is why we make sure that all our programs and services remain responsive and accessible to our members. Even while our offices and personnel in calamity-hit areas have also been affected by the typhoon, our branches remain open and are ready to receive loan applications and housing loan insurance claims. Our Lingkod Pag-IBIG on Wheels have also been deployed to typhoon-stricken areas in Ilocos Norte, Ilocos Sur, and La Union to further bring our services closer to our members who are most in need. And, for members who have internet access, the Virtual Pag-IBIG is ready to accept their calamity loan applications online. Our members can count on Lingkod Pag-IBIG to help them during these trying times,” said Acosta.
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The article was originally published in Manila Bulletin.
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