Pag-ibig: P3.84B in loans released since October quake

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Monday, December 16, 2013


SOME P3.84 billion in calamity and multi-purpose loans have been released in areas hit by an earthquake last Oct. 15 and typhoon Yolanda last Nov. 8, the Home Mutual Development Fund (Pag-ibig Fund) said.

In a press conference, Pag-ibig officials said that of the total amount, P502 million was for calamity loans that bear an interest rate of 5.95 percent per annum.

For both calamity and multi-purpose loans (MPL), there were 107,000 borrowers from Cebu North, 102,000 from Cebu South and 43,000 from Tacloban City.

“The number of applicants is still increasing. We’ve met the target on loan releases but it’s unfortunate that this happened because of calamities,” said Pag-Ibig Vice President for the Visayas Victoria dela Peña.

She was joined in the press conference by Cebu South Manager Rio Teves, Cebu North Manager Jovelita Custodio and Tacloban Branch Manager Paul Talacay.

There are 1.3 million Pag-ibig members in the Visayas, including 443,334 in Cebu South, 340,060 in Cebu North and 153,891 in Tacloban City.

Talacay said 80 percent of their members in Samar and Leyte are government officials and employees.

Survivors of the typhoon, dela Peña said, are also getting a six-month moratorium, during which they won’t have to pay the monthly amortizations if they have any previous housing loans.

If their houses were destroyed by Yolanda, member-borrowers can also file insurance claims for “allied perils,” she said. They may use the insurance proceeds to pay their balance or to rebuild their houses.

Dela Peña added that the families of housing loan borrowers who died as a result of Yolanda may file claims under Mortgage Redemption Insurance (MRI).

Typhoon survivors from northern Cebu may transact with Pag-ibig Cebu North or its satellite office in Bogo City.

Members in Tacloban City may transact in Leyte or the “mini-Tacloban office” at the Pag-IBIG Cebu building in the Cebu Business Park.

Published in the Sun.Star Cebu newspaper on December 16, 2013.

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