TACLOBAN CITY—More than P120 million worth of housing loan applications from Eastern Visayas need approval from the Home Development Mutual Fund (Pag-IBIG) pending the final approval of its board to extend the special program for Super Typhoon ‘‘Yolanda’’ victims.
The Pag-IBIG Fund’s special loan program for typhoon-hit central Philippines expired in December 2015, but as of third week of February, 279 applications worth P120.11 million are still awaiting approval.
Since July 2014, the program has only released P61.86 million loans to Pag-IBIG members in the region. About 230 approved applications with a total loan amount of P96.62 million have yet to be disbursed to members.
Pag-IBIG Fund Tacloban Members Services Branch head Alectys Bajarias said the proposal to re-extend the program is already “approved in principle.” Launched in mid-2014, the housing reconstruction loan program originally expired in July 2015, but was extended until December 2015.
“Given the demand and available budget, we are optimistic that the proposal will be formally approved by our central office,” Bajarias said.
In its December 2013 meeting, the Pag-IBIG Fund board approved a P4-billion budget for housing loans of typhoon victims in 13 central Philippines provinces. In Eastern Visayas, covered areas are Leyte, Samar, Eastern Samar, and Northern Samar.
Kitchie Rex Barrantes, Pag-IBIG Tacloban housing relationship officer, said that under the special program, the Pag-IBIG has waived the 6.5-percent interest rate for two years.
“The loan is very much attractive because Yolanda victims are treated by the government as very special,” Barrantes said.
Under the program, typhoon victims can avail up to P450,000 loans for housing rehabilitation, payable in 30 years.
For the first six months, the interest rate is zero with monthly amortization of P1,250. Beginning on the seventh month up to 24th month, the interest rate goes up to four percent every year with a monthly amortization of P2,149.
“After two years, the interest will be based on the prevailing rates under the end-user home financing or affordable housing, whichever is applicable,” Barrantes explained.
Qualified to avail the special program are typhoon victims who are active Pag-IBIG members with at least 24 months of contribution.