Philippines

Pag-IBIG offers calamity loan for typhoon-hit members

Pag-IBIG offers calamity loan for typhoon-hit members

By Lade Jean Kabagani  

Home Development Mutual Fund (Pag-IBIG Fund) President and CEO Acmad Rizaly Moti (Screengrab from Laging Handa briefing) 

MANILA (Philippines News Agency)– The Home Development Mutual Fund (Pag-IBIG Fund) will allow its members affected by the two destructive typhoons to apply for a calamity loan.

Dahil po dito sa nagdaang Typhoon Ulysses at sa nakaraan pong (Super) Typhoon Rolly ay nakahanda po ang Pag-IBIG Fund na tumugon sa pangangailangan ng ating mga miyembro, mayroon po tayong calamity loan program na maaari pong tangkilikin ng ating mga miyembro (Because of the latest Typhoon Ulysses and the previous Typhoon Rolly, the Pag-IBIG is ready to address the needs of our members, we have a calamity loan program that they could avail),” said Pag-IBIG president and chief executive officer Acmad Rizaly Moti said in a Laging Handa press briefing.

Under the Pag-IBIG calamity loan program, Moti said members can avail of a loan mortgage up to 80 percent of their total membership savings fund with a three-month grace period.

The eligible members that could avail of the loan program are those active members with updated accounts and have already deposited 24-monthly savings to the Pag-IBIG Fund.

“On the average, our members can borrow around PHP20,000 because we are computing the 80 percent of total savings deposited by our members,” Moti said.

Under Republic Act 11494 or the Bayanihan to Recover as One Act (Bayanihan 2), Moti said the Pag-IBIG Fund has earlier granted a 60-day grace period on all housing loan payments.

Moti said the fund also offered a “special housing loan restructuring program” for its borrowers.

Under the restructuring program, Moti said all penalties will be automatically condoned once the member’s application is approved.

Borrowers can renegotiate the terms of their loan and secure a more affordable payment agreement, Moti added.

Meanwhile, Moti announced the members can now apply for a calamity loan online.

The loan application could be processed within two-days, he said.

Moti urged the members to visit http://www.pagibigfund.gov.ph, to know more about the Pag-IBIG Fund loan offers or inquire about the status of their applications through contacting 8724-4244 or 8(PAG-IBIG). (PNA)

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