Pag-IBIG: P3-B calamity loan ready for Egay, Falcon-hit members

The Home Development Mutual Fund or Pag-IBIG Fund on Wednesday said it has earmarked P3 billion for calamity loan funds to be tapped by its members affected by Typhoons Egay and Falcon.

“Pag-IBIG Fund has allocated calamity loan funds to help affected members in Ilocos Norte, Ilocos Sur, La Union, Pangasinan, the Cordillera Administrative Region (CAR), Bulacan, Pampanga, Bataan, and Cavite, recover from the devastation caused by Typhoons Egay and Falcon,” 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, as we heed the call of President Ferdinand Marcos, Jr. to provide our fellow Filipinos in these calamity-hit areas with all the necessary assistance,” said Acuzar.

Under the calamity loan program, Pag-IBIG said eligible members may borrow up to 80% of their total savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned.

In consideration of the plight of the typhoon-hit members, the agency said the loan is offered at a rate of 5.95% per annum, “which is the lowest rate in the market.”

Pag-IBIG said 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 on 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 has been declared under a state of calamity.

Pag-IBIG Fund CEO Marilene Acosta, for her part, said the agency has already released P709 million in calamity loans to help 41,873 members in calamity-hit areas in the country as of June this year.

“When calamities strike, we at Pag-IBIG understand that our members in affected areas need immediate financial assistance. That is why we make sure that all our programs and services remain responsive and accessible to our members,” said Acosta.

“Even while our offices and personnel in calamity-hit areas have also been affected by the typhoon, our branches remain open and are ready to receive loan applications and housing loan insurance claims,” she added. — Ted Cordero/RSJ, GMA Integrated News