Pag-IBIG sets aside P5 billion calamity loans

MANILA, Philippines — The Home Development Mutual Fund, commonly known as Pag-IBIG, is allocating P5 billion for its calamity loan program for members affected by the onslaught of Typhoon Paeng.

Some 344,000 Pag-IBIG members in CALABARZON, Bicol, Western Visayas and the Bangsamoro region have been affected.

Members living in the said regions and other areas that are under a state of calamity are eligible to borrow under the program.

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.

The calamity loan has an interest rate of 5.95 percent per annum payable in three years. First payment will be done three months after the approval.

Borrowers may apply for the calamity loan within 90 days from the declaration of state of calamity in a certain area.

Pag-IBIG branches are now in coordination with local government units for the deployment of the agency’s mobile branch, the Lingkod Pag-IBIG On Wheels.

The branches will receive applications for calamity loans, as well as insurance claims from current Pag-IBIG housing loan borrowers whose properties have been damaged due to the typhoon.

“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 bring our services closer to our members who are most in need,” Pag-IBIG CEO Marilene Acosta said.

Since the start of the year until September, Pag-IBIG has released P2.03 billion in calamity loans to help close to 150,000 members in calamity-hit areas.