Pag-IBIG opens calamity loan applications

Pag-IBIG Fund members affected by the earthquake in Southern Mindanao and the floods in Eastern Visayas may now avail of the agency's calamity loans.

"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," Pag-IBIG said in a statement over the weekend.

Likewise, members in Eastern Samar, Northern Samar and distressed areas in Eastern Visayas recovering from the devastation caused by last week's earthquake and floods may also apply for loans, it added.

"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 Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development.

Acuzar chairs the 11-member Pag-IBIG Fund Board of Trustees.

80%

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.

In consideration of the plight of the members, the loan is offered at a rate of 5.95 percent per annum, which is the lowest rate 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 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 chief executive officer Marilene C. Acosta, meanwhile, stated that the agency has already released P2.48 billion in calamity loans to help 149,607 members in calamity-hit areas in the country as of October this year.

Virtual Pag-IBIG

She added that Pag-IBIG branches in these areas remain open and are now coordinating with local government units.

"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," Acosta said.

"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."

She added they are preparing to deploy their Lingkod Pag-IBIG on Wheels to areas most affected by the calamities. 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," Acosta said.