Pag-IBIG Calamity Loan ready for members affected by North Luzon quake – BusinessWorld Online

Top executives of Pag-IBIG Fund announced on Monday (August 01) 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 (CAR) 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% 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% 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.

“In the wake of calamities, we are aware that our members need to have immediate access to our benefits and services. Immediately after the earthquake was felt, we deployed our mobile branch – the Lingkod Pag-IBIG-On-Wheels – to go around Ilocos Region, Cagayan Valley and the CAR and provide services where it’s needed most. In coordination with local government units, we have also set up on-the-ground service desks near evacuation areas and government centers in these regions so that members can easily access us. Our Virtual Pag-IBIG also remains ready to accept calamity loan applications online from members who have access to internet service. And, even while our own offices and personnel in earthquake-hit areas have also been affected, our branches are open and ready to receive calamity loan applications and housing loan insurance claims. Our members can be assured that during difficult times, Pag-IBIG will always be there to help them,” Moti said.

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