Pag-ibig assures availability of funds during catastrophes

Tuesday, February 7, 2012

THE Pag-ibig Fund gave assurance it is ready to extend calamity funds to members in Davao City during times of calamity.

Elizabeth Tinagan, department manager of Pag-ibig Davao, said they can always release funds once disaster hits an area like Davao since this is a regular program.

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"Mabuti nalang blessed ang Davao City, wala pang seryosong kalamidad (It's good that Davao City is blessed since it has not experienced serious calamities yet)," Tinagan said.

Pag-ibig will only release funds to identified areas stricken with calamities. In the cities Cagayan de Oro and Iligan, victims of Tropical Storm Sendong were already given calamity loans.

"Kung ikaw ay identified victim ng calamity (If you are an identified victim of a calamity), you should present a certification that your area has been hit by a calamity," Tinagan said.

She added that a Pag-ibig member identified as a victim of calamity can avail himself of 80 percent of the accumulated value, which will be taken from a member's total contribution with Pag-ibig.

"Walang minimum o maximum amount, basta ang pwedeng maibigay ay 80 percent ng total accumulated value galing sa kanyang total savings with the Pag-ibig (There's no minimum or maximum amount to be borrowed, provided that an 80 percent of the accumulated value will be given from his total contribution with Pag-ibig)," she said.

A calamity loan is a two-year term loan and borrowers will start paying the borrowed amount after six months from the day of its issuance.