Pag-IBIG opens calamity loan program to members

Pag-IBIG Fund has announced the immediate availability of its calamity loan to assist members affected by typhoon “Carina.”

The typhoon intensified the monsoon rains, leading to widespread flooding across various regions.

The agency has allocated calamity loan funds to help affected members in Metro Manila, Cainta (Rizal), Baco (Oriental Mindoro), and the province of Batangas. Additional funds will be released for other areas where a state of calamity may be declared.

Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development said the short-term loan program is designed to provide relief and support to members residing or working in areas placed under a state of calamity.

Qualified members can borrow up to 80 percent of their total Pag-IBIG regular savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned.

The loan is offered at a low annual interest rate of 5.95 percent, with payment terms of 24 or 36 months, with the first payment deferred for two months.

For members who need financial assistance in areas not declared under a state of calamity, the Pag-IBIG Multi-Purpose Loan is available to help them recover from the aftermath of the typhoon.

Pag-IBIG Fund CEO Marilene C. Acosta emphasized the urgency of providing immediate financial support to members affected by the calamity.

“I have instructed the deployment of our Lingkod Pag-IBIG on Wheels (LPOW) as soon as roads become safe and passable to ensure that our services become accessible to our members in the affected areas,” she said.

“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 were damaged, or file for a housing loan for major home repairs,” Acosta said.

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

From January to June this year, Pag-IBIG Fund released a total of P35.32 billion in cash loans, assisting 1.50 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.