₱5 Billion Allocated By Pag-IBIG In Calamity Loan To Help Affected Members
The Pag-IBIG Fund has announced last Wednesday, Dec. 22, that it has provided ₱5 billion in Calamity Loans to assist its members affected by Typhoon Odette.
“In times like this, Pag-IBIG Fund’s Calamity Loan Program is always ready to assist members.” That is why the Pag-IBIG Fund Board of Trustees has set aside a ₱5 billion calamity loan fund to assist our members in Visayas and Mindanao in recovering from the devastation caused by Typhoon Odette,” said Secretary Eduardo del Rosario, who also chairs the Department of Human Settlements and Urban Development (DHSUD) and the Pag-IBIG Fund Board of Trustees.
Head of the Department of Human Settlements and Urban Development (DHSUD), Secretary Eduardo del Rosario,said in a statement:
In times like these, Pag-IBIG Fund is always ready to help members through our Calamity Loan Program. That is why the Pag-IBIG Board has allocated a calamity loan fund of P5 billion as aid for our members in Visayas and Mindanao to help them recover from the devastation caused by typhoon Odette.
Eligible members may borrow up to 80% of their total Pag-IBIG Savings, which includes their monthly payments, their corresponding employer’s contributions, and accumulated profits received, under the Pag-IBIG Calamity Loan Program.
The Calamity Loan is issued at a rate of 5.95 percent per annum, which is the lowest rate in the market, in recognition of the members’ plight. The loan is repayable over a three-year period, with a two-month grace period, so the first payment is due only on the third month after the loan is released. Qualified borrowers must apply for the Calamity Loan within 90 days of the date on which a calamity has been proclaimed.
Meanwhile, Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti stated that as of November 2021, the agency has disbursed more than ₱1.15 billion in Calamity Loans to assist 76,521 members in calamity-affected areas. He also mentioned that the programme has been made more reasonable because borrowers can now choose a lengthier three-year term and save up to 31% on monthly payments. This means that monthly payments for a ₱20,000 Calamity Loan will be cut from ₱897.23 to merely ₱615.72.