Top executives of Pag-IBIG Fund said Tuesday they are ready to help members affected by Typhoon Rolly.
“We are ready to help our members affected by Typhoon Rolly with our Calamity Loan Program. In fact, taken together with recent calamities, we have 226,170 affected members who are eligible to borrow a total of P4.4 billion in calamity loans,” said Secretary Eduardo del Rosario, who heads the Department of Human Settlements and Urban Development and the 11- member Pag-IBIG Fund board of trustees.
“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. This is in line with the directive of President Rodrigo Roa Duterte to provide Filipinos with responsive social benefits especially during trying times,” said del Rosario.
Under Pag-IBIG Fund’s Calamity Loan Program, eligible members may borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions and accumulated dividends earned. Qualified borrowers may avail of the calamity loan within 90 days from the declaration of a state of calamity in their area.
Considering the plight of the members, Pag-IBIG Fund is offering the calamity loan at a rate of 5.95 percent 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.
“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 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,” he said.