PAG-IBIG Fund said Friday its calamity loan is ready to help members affected by the Southern Mindanao earthquake and Eastern Visayas floods.
floods.“Pag-IBIG Fund 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,” said Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development and chairperson of the 11-member Pag-IBIG Fund board of trustees.
“We are also working closely with local government units in these areas, in line with the call of President Ferdinand Marcos, Jr. to extend all the necessary help to our fellow Filipinos in these calamity-hit areas,” said Acuzar.
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.
Pag-IBIG said that in consideration of the plight of its members, it offers the loan at a rate of 5.95 percent per annum, the lowest 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 in 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 was declared under a state of calamity.
Pag-IBIG Fund chief executive Marilene Acosta said the agency already released P2.48 billion in calamity loans to help 149,607 members in calamity-hit areas as of October this year.
She said Pag-IBIG branches in these areas remain open and are now coordinating with the local government units which declared states of calamity in their respective jurisdictions for the deployment of service desks and the agency’s mobile branch, the Lingkod Pag-IBIG On Wheels, to receive applications from members and insurance claims from Pag-IBIG housing loan borrowers whose properties were damaged.
“We at Pag-IBIG understand that our members in calamity-stricken areas need immediate financial assistance to help rebuild their lives. That is why we make sure that all our programs and services remain accessible to them. Even while our offices and personnel in calamity-hit areas have also been affected by these disasters, our branches remain open and are ready to receive loan applications and housing loan insurance claims. We are also preparing to deploy our Lingkod Pag-IBIG on Wheels to areas which have been most affected, to further bring our services closer to our members. And, for members who have internet access, the Virtual Pag-IBIG is ready to accept their calamity loan applications online. We assure our members that they can count on their Lingkod Pag-IBIG to help them during these trying times,” said Acosta.