Pag-IBIG Fund is ready to help members affected by the Southern Mindanao earthquake and Eastern Visayas floods by offering calamity loans.
Pag-IBIG Fund said it has allocated calamity loan funds to help affected members in Saranggani, Davao Occidental, Glan, Sarangani Province, General Santos City and other parts of Mindanao, as well as Eastern Samar, Northern Samar and distressed areas in Eastern Visayas recover from the devastation caused by last week’s earthquake and floods.
Under the Pag-IBIG Calamity Loan, 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 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 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.
The agency has released P2.48 billion in calamity loans to help 149,607 members in calamity-hit areas in the country as of October this year.