Top executives of Pag-IBIG Fund announced on Friday (04 November) that the
agency has allocated P5 billion in calamity loan funds to help members affected by
Typhoon Paeng.
“We are ready to help our members affected by Typhoon Paeng with our Calamity
Loan program. We have initially identified a total of 344,000 affected members in
Regions IV-A (CALABARZON), V (Bicol Region), VI (Western Visayas), the
Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and other areas
where a state of a calamity has been declared by the local government unit, who are
eligible to borrow under the program. That is why we have set aside P5 billion in
calamity loan funds to help them recover from the damages caused by the typhoon.
This is in line with the directive of President Ferdinand Marcos, Jr. to provide
Filipinos in affected areas with immediate relief and all the necessary assistance,”
said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements
and Urban Development and Chairperson of the 11-member Pag-IBIG Fund Board
of Trustees.
Under the Pag-IBIG Calamity Loan, eligible members may borrow up to 80% of
their total Pag-IBIG Savings, which consist of their monthly contributions, the
counterpart employer’s contributions, and accumulated dividends earned. And in
consideration of the plight of the members, the loan is offered at a rate of 5.95%
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 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 P2.03 billion in calamity loans to help 149,773 members in calamity-hit areas as of September this year. She also added that Pag-IBIG branches are now in coordination with local government units who have declared a state of calamity in their respective areas for the deployment of the agency’s mobile branch, the Lingkod Pag-IBIG On-Wheels, to receive applications for calamity loans from members as well as insurance claims from current Pag-IBIG Housing Loan borrowers whose properties have been damaged due to the typhoon.
“When calamities strike, we at Pag-IBIG understand that our members in affected
areas need immediate financial assistance. For this reason, we make sure that all
our services and benefits remain accessible to our members. 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. We have also deployed our Lingkod Pag-IBIG on Wheels to initially
go around typhoon-stricken areas in Cavite, Aklan, Capiz, Cotabato and
Maguindanao to further bring our services closer to our members who are most in
need. And, for members who have internet access, the Virtual Pag-IBIG is ready to
accept their calamity loan applications online. During these trying times, our
members can count on Lingkod Pag-IBIG,” said Acosta.
