Top executives of Pag-IBIG Fund announced on Friday, Nov. 4, that the agency has allocated P5 billion in calamity loan funds to help members affected by Typhoon Paeng.
“We are ready to help our members affected by Typhoon Paeng with our Calamity Loan program. We have initially identified a total of 344,000 affected members in Regions IV-A (CALABARZON), V (Bicol Region), VI (Western Visayas), the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and other areas where a state of a calamity has been declared by the local government unit, who are eligible to borrow under the program. That is why we have set aside P5 billion in calamity loan funds to help them recover from the damages caused by the typhoon. This is in line with the directive of President Ferdinand Marcos, Jr. to provide Filipinos in affected areas with immediate relief and all the necessary assistance,” 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% of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned. And in consideration of the plight of the members, the loan is offered at a rate of 5.95% 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 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 P2.03 billion in calamity loans to help 149,773 members in calamity-hit areas as of September this year. She also added that Pag-IBIG branches are now in coordination with local government units who have declared a state of calamity in their respective areas for the deployment of 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 due to the typhoon.
“When calamities strike, we at Pag-IBIG understand that our members in affected areas need immediate financial assistance. For this reason, we make sure that all our services and benefits remain accessible to our members. Even while our offices and personnel in calamity-hit areas have also been affected by the typhoon, our branches remain open and are ready to receive loan applications and housing loan insurance claims. We have also deployed our Lingkod Pag-IBIG on Wheels to initially go around typhoon-stricken areas in Cavite, Aklan, Capiz, Cotabato and Maguindanao to further bring our services closer to our members who are most in need. And, for members who have internet access, the Virtual Pag-IBIG is ready to accept their calamity loan applications online. During these trying times, our members can count on Lingkod Pag-IBIG,” said Acosta.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to firstname.lastname@example.org.
Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.