Pag-Ibig calamity loan ready for members affected by Mindanao quake and Eastern Visayas floods
Pag-Ibig Fund announced on Friday, November 24, 2023 that the agency’s calamity loan is ready to help members affected by the Southern Mindanao earthquake and Eastern Visayas Floods.
“Pag-Ibig Fund has allocated calamity loan funds to help affected members in Saranggani, Davao Occidental, Glan, Sarangani Province, General Santos City and other parts of Mindanao, as well as Eastern Samar, Northern Samar and distressed areas in Eastern Visayas recover from the devastation caused by last week’s earthquake and floods. We are also working closely with local government units in these areas, in line with the call of President Ferdinand Marcos, Jr. to extend all the necessary help to our fellow Filipinos in these calamity-hit areas,” said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development and Chairperson of the 11-member Pag-Ibig Fund Board of Trustees.
Under the Pag-Ibig Calamity Loan, eligible 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.
In consideration of the plight of the members, the loan is offered at a rate of 5.95 percent per annum, which is the lowest rate in the market.
The loan is payable over a period of up to three years, with a grace period of three months so that the initial payment is due only on the fourth month after the loan is released. Qualified borrowers may apply for the calamity loan within 90 days from the date when an area has been declared under a state of calamity.
Pag-Ibig Fund Chief executive officer Marilene C. Acosta, meanwhile, stated that the agency has already released P2.48 billion in calamity loans to help 149,607 members in calamity-hit areas in the country as of October this year. She added that Pag-Ibig branches in these areas remain open and are now coordinating with the local government units which have already declared states of calamity in their respective jursidictions, for the deployment of service desks and the agency’s mobile branch, the Lingkod Pag-IBIG On Wheels, to receive applications for calamity loans from members as well as insurance claims from current Pag-Ibig Housing Loan borrowers whose properties have been damaged following the calamities.
“We at Pag-Ibig understand that our members in calamity-stricken areas need immediate financial assistance to help rebuild their lives. That is why we make sure that all our programs and services remain accessible to them. Even while our offices and personnel in calamity-hit areas have also been affected by these disasters, our branches remain open and are ready to receive loan applications and housing loan insurance claims. We are also preparing to deploy our Lingkod Pag-Ibig on Wheels to areas which have been most affected, to further bring our services closer to our members. And, for members who have internet access, the Virtual Pag IBIG is ready to accept their calamity loan applications online. We assure our members that they can count on their Lingkod Pag-IBIG to help them during these trying times,” said Acosta. (SPONSORED CONTENT)