Pag-IBIG Fund has allocated P5 billion in Calamity Loans to help its
members affected by typhoon Odette, its top executives announced on
Wednesday (Dec. 22).
“In times like these, Pag-IBIG Fund is always ready to help members
through our Calamity Loan Program. That is why the Pag-IBIG Board has
allocated a calamity loan fund of P5 billion as aid for our members in
Visayas and Mindanao to help them recover from the devastation caused
by typhoon Odette,” said Secretary Eduardo D. del Rosario, who heads the
Department of Human Settlements and Urban Development (DHSUD) and
the 11- member Pag-IBIG Fund Board of Trustees.
Under the Pag-IBIG Calamity Loan Program, 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
Calamity 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 two months so that initial payment is due only on
the third 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.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti
added that as of November this year, more than P1.15 billion in Calamity
Loans have been released by the agency to help 76,521 members in
calamity-hit areas. He also added that the program has been made more
affordable as borrowers now have the option to choose a longer 3-year
term to reduce monthly payments by up to 31%. This means that for a
Calamity Loan worth P20,000, monthly payments will be reduced from
P897.23 to only P615.72.
“Members in affected areas who have access to internet service and have a
Pag-IBIG Loyalty Card Plus, Land Bank of the Philippines or United
Coconut Planters’ Bank (UCPB) cash card, may file their Calamity Loan
applications online via Virtual Pag-IBIG. This would allow them to file and
receive their loans safer and faster, so that they can continue to tend to
the needs of their families as they recover from the effects of the typhoon.
And, even while our own offices and personnel in typhoon-hit areas have
also been affected, our branches are open and ready to receive loan
applications. Your Lingkod Pag-IBIG is committed to deliver service that
matters, always and in all ways,” said Moti.