Pag-IBIG Fund has allocated P5 billion in calamity loan funds for members affected by the string of devastating earthquakes that hit Mindanao.
Under the agency’s Calamity Loan Program, qualified members may borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Eligible borrowers may avail of the Calamity Loan within 90 days from the declaration of a state of calamity in their area of residence.
The loan is payable over a period of 24 months at an interest rate of 5.95 percent per annum – the lowest rate available in the market. And considering the plight of the borrowers, the first payment of the loan is deferred, with the initial payment due on the third month after the loan is released.
Meanwhile, the Fund also announced its members saved P36.95 billion during the first nine months of 2019, growing 26 percent year-on-year and setting a new record for the highest amount saved by members for any January to September period.
The Fund noted the increase in savings was not confined to the mandated regular savings of its members but to increasing popularity of its Modified Pag-IBIG 2 (MP2) Savings Program as well.
Collections from its MP2 Savings in the first nine months surged to P8.28 billion, nearly double the amount saved by members in 2018, and up by a phenomenal 176 percent from the P3 billion collected during the same period last year.