Pag-IBIG Fund is offering a one-month payment moratorium and reminding borrowers of their housing loan insurance coverage to help members recover from recent typhoons and earthquakes.
The measures, which also include affordable loan options, are aligned with President Ferdinand Marcos Jr.’s directive to accelerate recovery efforts in calamity-hit areas, the fund said.
“Guided by President Marcos’s directive for a whole-of-government response to help those affected by calamities, we are offering Housing Loan borrowers a payment moratorium and insurance coverage for damaged homes under our Housing Loan program, as well as providing all our members with affordable loan options to help them recover and rebuild,” said Secretary Jose Ramon Aliling of the Department of Human Settlements and Urban Development Secretary, who is also chairman of Pag-IBIG Fund board.
The one-month payment moratorium is being offered to housing loan borrowers in areas declared under a state of calamity due to typhoons Nando, Opong, Ramil, Tino and Uwan as well as recent earthquakes in Cebu and Davao.
Pag-IBIG Fund chief executive Marilene Acosta said the agency’s home loans include built-in insurance to provide protection and help cover repair costs.
“We understand that our members need immediate help when disasters strike, and we at Pag-IBIG Fund are always ready to respond,” Acosta said.
“Housing Loan borrowers whose homes were damaged can take comfort in knowing that their homes are insured, and we are reaching out to help them avail of their benefits as soon as possible. We are likewise offering a one-month payment moratorium so they may prioritize the safety and recovery of their families. They may conveniently apply online through Virtual Pag-IBIG,” she said.
Pag-IBIG Fund is also providing members with access to its Calamity Loan Program and Home Improvement Loan.
Under the Calamity Loan Program, eligible members residing in calamity-stricken areas can borrow up to 90 percent of their total Pag-IBIG Regular Savings at an interest rate of 5.95 percent per annum. The loan is payable for up to three years and includes an automatic three-month grace period before the first payment.
The Pag-IBIG Home Improvement Loan allows qualified members to borrow up to P300,000 for repairs or home upgrades. The loan is payable within five years and is currently offered at a promotional rate of 3 percent per annum for the first 10,000 borrowers.
Acosta said Pag-IBIG is providing multiple ways to aid in recovery: “That is why we are providing multiple ways to help through our payment moratorium for financial relief, our Calamity Loan for immediate needs, the Housing Loan insurance for protection, and our Home Improvement Loan to help members restore their homes to safety and comfort. Pag-IBIG Fund is here to make recovery easier, faster and more affordable for our members,” she said.
