Pag-IBIG Fund has allocated P5 billion in calamity loans to help its members affected by typhoon Odette.
Under the Pag-IBIG Calamity Loan Program, eligible members may borrow up to 80 percent of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned.
The Fund said in consideration of the plight of the members, the Calamity Loan is offered at a rate of 5.95 percent 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 two months so that initial payment is due only on the third 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.
The Fund has sr released more than P1.15 billion in Calamity Loans as of November, benefitting 76,521 members in calamity-hit areas.
The program has been made more affordable as borrowers now have the option to choose a longer three-year term to reduce monthly payments by up to 31 percent.
This means that for a Calamity Loan worth P20,000, monthly payments will be reduced from P897.23 to only P615.72.
