Pag-IBIG Calamity Loan ready for members affected by Typhoon “Paeng”
Pag-IBIG Fund has allocated P5 billion in calamity loan funds to help members affected by Typhoon Paeng.
The agency said in a statement over the weekend it has initially identified a total of 344,000 affected members eligible to borrow under the program. They are in Regions IV-A (CALABARZON), V (Bicol Region), VI (Western Visayas), the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and other areas where a state of a calamity has been declared by the local government unit.
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.
In consideration of the plight of the members, 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 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.
As of September, Pag-IBIG Fund has released P2.03 billion in calamity loans to help 149,773 members in calamity-hit areas. Pag-IBIG branches are coordinating with local government units under a state of calamity for the deployment of 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.
“We have also deployed our Lingkod Pag-IBIG on Wheels to initially go around typhoon-stricken areas in Cavite, Aklan, Capiz, Cotabato and Maguindanao to further bring our services closer to our members who are most in need. For members who have internet access, the Virtual Pag-IBIG is ready to accept their calamity loan applications online,” said Marilene Acosta, Pag-IBIG chief executive officer.
