MANILA – The Home Development Mutual Fund, also known as Pag-IBIG Fund, has announced the immediate availability of its Calamity Loan program to assist members affected by Typhoon Carina.
The government-owned agency has allocated calamity loan funds to help its members in Metro Manila, Cainta (Rizal), Baco (Oriental Mindoro), and the province of Batangas that have been heavily affected by the typhoon, which intensified the monsoon rains. Additional funds will be released for other regions that may be declared under a state of calamity, it said.
“Pag-IBIG Fund is ready to support our Filipino workers with their immediate financial needs through our cash loans,” said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development, who also serves as the chairperson of the Pag-IBIG Fund Board of Trustees.
The Pag-IBIG Calamity Loan allows qualified members to borrow up to 80 percent of their total Pag-IBIG Regular Savings, which includes their own contributions, their employer’s contributions, and accumulated dividends. The loan has a low annual interest rate of 5.95 percent and repayment terms of 24 or 36 months, with the first payment deferred for two months.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta emphasized the importance of providing immediate financial support to members affected by the calamity. The agency has instructed the deployment of its Lingkod Pag-IBIG on Wheels (LPOW) mobile service units to ensure accessibility to members in the affected areas.
“Through our LPOW, Pag-IBIG members can submit their Calamity Loan applications to finance their immediate needs, file for insurance claims if their homes mortgaged under the Pag-IBIG Fund are damaged, or file for a Housing Loan for major home repairs,” Acosta said.
Members can also submit their Calamity Loan applications online through the Virtual Pag-IBIG platform or directly to their company’s accredited Fund Coordinators.
From January to June this year, Pag-IBIG Fund released a total of P35.32 billion in cash loans, with 1.14 billion pesos allocated for calamity loans that assisted 70,141 members affected by typhoons and other disasters. (JCO/PIA-NCR)