Pag-IBIG loans for ‘Rolly’-hit members

*_{Eduardo del Rosario. CONTRIBUTED PHOTO}*

The Home Development Mutual Fund (Pag-IBIG Fund) has announced that it is prepared to help its members who are affected by Super Typhoon “Rolly” (international name: Goni).

In a statement, Human Settlements Secretary Eduardo del Rosario said the agency was “ready to help our members affected by Typhoon ‘Rolly’ with our Calamity Loan Program. In fact, taken together with recent calamities, we have 226,170 affected members who are eligible to borrow a total of P4.4 billion in calamity loans.”

“We have also begun establishing service desks in areas affected by Typhoon ‘Rolly’ to bring our services closer to our members to help them apply for a loan. This is in line with the directive of President Rodrigo Roa Duterte to provide Filipinos with responsive social benefits, especially during trying times,” he added.

Under the program, eligible members may borrow up to 80 percent of their total Pag-IBIG regular savings, which consist of their monthly contributions, those of their employer, and accumulated dividends earned. Qualified borrowers may avail themselves of the calamity loan within 90 days from the declaration of a state of calamity in their area.

Considering the plight of its members, Pag-IBIG is offering its calamity loans at a rate of 5.95 percent per annum, the lowest in the market. The loan is payable over 24 months, with the first payment deferred. Initial payment is due on the third month after the loan is released.

“This year, we have already released P3.84 billion in Calamity Loans to aid 301,391 members affected by the Covid-19 (coronavirus disease 2019) pandemic, the Taal Volcano eruption and other calamities,” said del Rosario, also the head of the 11- member Pag-IBIG Fund Board of Trustees.

“Members in affected areas who still have access to internet service and have a Loyalty Card Plus, Land Bank of the Philippines or United Coconut Planters’ Bank (UCPB) cash card, may file their loan applications via Virtual Pag-IBIG. This would allow them to file and receive their loans safer and faster, so that they can continue to tend to the needs of their families as they recover from the effects of the typhoon,” he added.

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Article and Photo originally posted by Manila Times last November 7, 2020.