The top executive of Pag-IBIG Fund announced that around P5 billion in Calamity Loan funds are ready for members affected by the string of devastating earthquakes that hit Mindanao.
“Following the directive of President Rodrigo Roa Duterte to provide Filipinos with responsive social benefits and considering the plight of those affected by the strong earthquakes in the province of Cotabato and other parts of Mindanao, Pag-IBIG Fund has allocated nearly P5 billion in calamity loan funds ready to aid our nearly three hundred thousand active members residing in the region,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.
Under the agency’s Calamity Loan Program, qualified members may borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Eligible borrowers may avail of the Calamity Loan within 90 days from the declaration of a state of calamity in their area of residence.
The loan is payable over a period of 24 months at an interest rate of 5.95% per annum – the lowest rate available in the market. And considering the plight of the borrowers, the first payment of the loan is deferred, with the initial payment due on the third month after the loan is released.
“Pag-IBIG Fund is always ready to assist members recover from effects of calamities. This year, we have already released P1.02 billion in Calamity Loans to aid 60,083 members in various areas around the country. And, considering the condition of our members affected by this string of earthquakes, we are also in active coordination with the national government and concerned local government units to determine where we could best establish service desks and thus, bring our services in locations nearer to our calamity-stricken members,” del Rosario said.
Pag-IBIG Fund has maintained its position as one of the single biggest sources of emergency loans in the country. In the last five years, the agency has released P11.04 billion in calamity loans to assist 803,858 members.
“We have seen the destruction brought by the strong tremors and even we weren’t spared. Some of our branches in Mindanao, like the ones in Kidapawan and Digos sustained damages. A number of our employees were also affected. But this will not deter us from providing the needed service. We are actively helping our employees there and bringing in supplies and added manpower, so we can help more members living in devastated areas,” he added. (PR)