Pag-IBIG Fund: Members hit by Carina, Habagat can avail of calamity loan

The Home Development Mutual Fund or Pag-IBIG Fund on Thursday said its members affected by Tropical Cyclone Carina and the enhanced southwest monsoon or Habagat can avail of its calamity loan program.

In a statement, Pag-IBIG Fund said the program can be availed by members hit by Carina and monsoon rains in Metro Manila, Batangas, Cainta in Rizal, and Baco in Oriental Mindoro.

Additional funds would be released for other areas, Pag-IBIG Fund said, where a state of calamity may be declared.

The calamity loan is one of the state firm's short-term loan (STL) programs designed to provide relief and support to members residing or working in areas declared under a state of calamity.

Qualified members can borrow up to 80% of their total Pag-IBIG regular savings, the agency said, which consists of their monthly contributions, their employer's contributions, and accumulated dividends earned.

The loan is offered at an annual interest rate of only 5.95%, with payment terms of 24 or 36 months, with the first payment deferred for two months, according to the fund.

"Pag-IBIG Fund is ready to support our Filipino workers with their immediate financial needs through our cash loans. We are closely coordinating with local government units in the hardest-hit areas to ensure that aid reaches those in need promptly, in line with President Ferdinand Marcos Jr.'s directive to extend all necessary assistance to our fellow Filipinos affected by these calamities," 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.

Meanwhile, for members who need financial assistance in areas not declared under a state of calamity, the Pag-IBIG Fund said its multi-purpose loan is available to help them recover from the aftermath of Carina, which developed Wednesday into a super typhoon..

Pag-IBIG Fund CEO Marilene Acosta said she has already instructed the deployment of the Lingkod Pag-IBIG on Wheels (LPOW) "as soon as roads become safe and passable, to ensure that our services become accessible to our members from the affected areas."

"Through our LPOW, Pag-IBIG members can submit their calamity loan applications to finance their immediate needs, file for insurance claims if their homes mortgaged under Pag-IBIG Fund are damaged, or file for a housing loan for major home repairs," Acosta said.

She added that members may submit their calamity loan applications online through the Virtual Pag-IBIG.

"For members with internet access, they may accomplish, scan, and upload their Pag-IBIG Calamity Loan applications even without a Virtual Pag-IBIG account. They may also submit hard copies of all accomplished applications to their company's accredited Fund Coordinators along with the required documents for processing," Acosta said.

"And starting Monday, July 29, members whose employers are enrolled with STL online with Employer Interface may also submit their applications via the Virtual Pag-IBIG for Employers, making the process as easy and convenient as possible. Just make sure that you have activated your Virtual Pag-IBIG Account and your Loyalty Card Plus so that we can immediately credit the proceeds of your calamity loan. We want to reassure our members that they can count on Pag-IBIG Fund for timely and reliable assistance in their time of need," the Pag-IBIG Fund chief said.

From January to June of this year, Pag-IBIG Fund said it has released a total of P35.32 billion in cash loans, assisting 1.5 million members.

Of the total, P1.14 billion were calamity loans, which helped 70,141 members recover from the effects of typhoons and other calamities, the agency said. — VDV, GMA Integrated News