MORE than 800,000 Pag-Ibig Fund members have gained access to emergency financial assistance, with the state-run housing agency releasing P5.82 billion in loans within six weeks of launching its Special Assistance for Financial Emergencies (Safe) Loan program.
As of July 22, Pag-Ibig Fund said 803,769 members had availed themselves of the Safe Loan since its rollout on June 10, providing short-term financing to workers facing a financial strain amid continuing tensions in the Middle East.
The Safe Loan was introduced in response to President Ferdinand R. Marcos Jr.’s directive for government agencies to provide more responsive assistance to Filipino workers affected by global economic uncertainties.
“Pag-Ibig Fund is providing ready and affordable financial assistance through the Safe Loan, especially as the continuing tensions in the Middle East create financial challenges that are being felt by our members and their families,” Housing Secretary Jose Ramon P. Aliling, who chairs the Pag-Ibig Fund Board of Trustees, said in a statement.
Under the program, active members with at least 12 monthly savings may borrow up to P10,000 or up to 90 percent of their total Pag-Ibig Regular Savings, whichever is lower, provided they have no loan defaults.
The loan carries an annual interest rate of 5.95 percent, repayable over 12, 24 or 36 months, with a three-month grace period before monthly amortizations begin.
Applications may be filed online through Virtual Pag-Ibig or at any Pag-Ibig branch nationwide, with loan proceeds credited directly to the member’s Pag-Ibig Loyalty Card Plus or Land Bank Cash Card.
Pag-Ibig Fund Chief Executive Officer Marilene C. Acosta said the strong uptake of the Safe Loan underscores the agency’s role in addressing members’ immediate financial needs while continuing to provide affordable housing financing.
She added that members needing additional financial assistance may also apply for Pag-Ibig’s Multi-Purpose Loan if they still have remaining loanable amounts based on their regular savings.
The Safe Loan program will accept applications until Sept. 8, 2026. / KOC