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Manila Bulletin devider Philippines devider National devider Calamity loan offered by Pag-IBIG Fund for members affected by typhoon 'Rolly'

Calamity loan offered by Pag-IBIG Fund for members affected by typhoon 'Rolly'

Published Nov 9, 2020 07:56 pm

The Pag-IBIG Fund announced that calamity loan will be available for its members who were affected by Super Typhoon “Rolly”.

(JANSEN ROMERO / MANILA BULLETIN)

“We are ready to help our members affected by Typhoon Rolly with our Calamity Loan Program," said Secretary Eduardo del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Del Rosario said that along with the recent calamities, the Pag-IBIG Fund has 226,170 affected members who are eligible to borrow a total of P4.4 billion in calamity loans.

 “We have also begun establishing service desks in areas affected by Typhoon Rolly to bring our services closer to our members to help them apply for a loan,” he explained.

This, he added, is in line with the directive of President Duterte to “provide Filipinos with responsive social benefits especially during trying times."

Under Pag-IBIG Fund’s Calamity Loan Program, eligible 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.

The qualified borrowers may avail themselves of the Calamity Loan within 90 days from the declaration of a state of calamity in their area.

Del Rosario noted that considering the plight of the members, Pag-IBIG Fund is offering its Calamity Loan at a rate of 5.95% per annum – the lowest rate in the market.

The loan is payable over a period of 24 months, with the first payment deferred. Initial payment is due on the third month after the loan is released.

 “This year, we have already released P3.84 billion in Calamity Loans to aid 301,391 members affected by the COVID-19 pandemic, the Taal Volcano eruption, and other calamities,” del Rosario said.

Del Rosario added that members in affected areas who still have access to internet service and have a Loyalty Card Plus, Land Bank of the Philippines or United Coconut Planters’ Bank (UCPB) cash card, may file their loan applications via Virtual Pag-IBIG.

“This would allow them to file and receive their loans safer and faster, so that they can continue to tend to the needs of their families as they recover from the effects of the typhoon,” del Rosario ended.

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