Top executives of Pag-IBIG Fund announced on Monday (1 August) that the agency has initially allocated P3 billion in calamity loan funds for members in calamity-stricken areas, including those affected by the strong earthquake that hit North Luzon.
“Pag-IBIG Fund has allocated calamity loan funds to help affected members in Ilocos Region, Cagayan Valley and the Cordillera Administrative Region recover from the devastation caused by last week’s earthquake. We are also working closely with our fellow government agencies, as directed by President Ferdinand Marcos Jr., so that we can maximize our collective assets towards providing for the needs of our fellow Filipinos affected in these areas,” said newly appointed Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development and chairperson of 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. And in consideration of the plight of the members, the calamity 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 two months so that initial payment is due only on the third 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.
Meanwhile, Pag-IBIG Fund chief executive officer Acmad Rizaldy P. Moti stated that the agency has deployed its mobile branch, the Lingkod Pag-IBIG On-Wheels and established offsite service desks to receive applications for calamity loans from members, as well as insurance claims from current Pag-IBIG Housing Loan borrowers whose properties may have been damaged by the tremors.