Pag-IBIG: Calamity loans available for Paeng victims

Members of the Home Development Mutual Fund or Pag-IBIG who were affected by Severe Tropical Storm Paeng can avail of the agency’s calamity loan program.

At the public briefing on Thursday, Pag-IBIG Fund public affairs manager Jack Jacinto said there are about 344,000 members of the fund who are residing in areas hit by Paeng.

“Sila ay maaring makapag-apply sa ilalim ng calamity loan program,” Jacinto said.

(They may apply for a calamity loan.)

The Pag-IBIG Fund official said the loanable amount under the calamity loan program is up to 80% of the member’s savings and carries an interest rate of 5.95% per annum. The loan is payable in three years.

Jacinto said those who are qualified to apply for a calamity loan are active members with at least 24 months’ worth of contribution to the Pag-IBIG Fund.

The requirements are a filled up and signed application form by the applying members and certified by the members’ employer.

For self-employed members, Jacinto said they need to present a proof of income.

Applicants shall also present a valid ID as well as a Pag-IBIG Loyalty Card Plus or Landbank, Development Bank of the Philippines, United Coconut Planters Bank cash cards where the approved loan amount will be deposited.

Apart from calamity loan, Jacinto said Pag-IBIG Fund members affected by Paeng may avail of multi-purpose loan for financial assistance or a housing loan for those who want to buy a new house, repair or renovate their existing homes. — Ted Cordero/RSJ, GMA News