RISING fuel and electricity costs linked to the Middle East conflict have prompted Pag-Ibig Fund to open a new emergency loan facility that will allow qualified members to borrow up to P10,000 for urgent household expenses.
The state-run housing savings agency said its Special Assistance for Financial Emergencies (Safe) Loan aims to help members cope with higher day-to-day expenses as global tensions continue to affect energy prices and transportation costs.
Qualified borrowers may avail themselves of loans of up to P10,000 or 90 percent of their total Pag-Ibig Regular Savings, whichever is lower.
The loan carries an interest rate of 5.95 percent a year and can be repaid over one, two or three years. Applications will be accepted until Sept. 8, 2026. Members with existing Pag-Ibig Multi-Purpose or Calamity Loans may still qualify, subject to the agency’s borrowing limits.
Housing Secretary and Pag-Ibig Board Chairman Jose Ramon P. Aliling said the program forms part of the government’s response to the economic effects of developments in the Middle East, following an earlier assistance package for repatriated overseas Filipino workers.
Pag-Ibig Chief Executive Officer Marilene C. Acosta said the facility is intended to provide members with a lower-cost alternative to informal and high-interest lenders. Loan proceeds may be credited directly to members’ Pag-Ibig Loyalty Card Plus accounts, while borrowers are given a three-month grace period before their first payment falls due. / KOC