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Thursday, December 7, 2023

Pag-IBIG Calamity Loan ready for members affected by  Typhoons Egay and Falcon 

Pag-IBIG Fund announced on Tuesday (02 August) that the agency has allocated P3  billion in calamity loan funds to help members affected by Typhoons Egay and Falcon. 

“Pag-IBIG Fund has allocated calamity loan funds to help affected members in Ilocos Norte, Ilocos  Sur, La Union, Pangasinan, the Cordillera Administrative Region (CAR), Bulacan, Pampanga,  Bataan, and Cavite, recover from the devastation caused by Typhoons Egay and Falcon. We are  also working closely with local government units in these areas, as we heed the call of President  Ferdinand Marcos, Jr. to provide our fellow Filipinos in these calamity-hit areas with all the  necessary assistance,” said Secretary Jose Rizalino L. Acuzar of the Department of Human  Settlements and Urban Development and Chairperson of the 11-member Pag-IBIG Fund  Board of Trustees. 

Under the Pag-IBIG Calamity Loan, eligible members may borrow up to 80% of their  total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart  employer’s contributions, and accumulated dividends earned. And in consideration of  the plight of the members, the loan is offered at a rate of 5.95% per annum, which is the  lowest rate in the market. The loan is payable over a period of up to three years, with a  grace period of three months so that the initial payment is due only on the fourth month  after the loan is released. Qualified borrowers may apply for the calamity loan within 90  days from the date when an area has been declared under a state of calamity. 

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that the  agency has already released P709 million in calamity loans to help 41,873 members in  calamity-hit areas in the country as of June this year. She added that Pag-IBIG branches  in these areas remain open and are now coordinating with the local government units  which have already declared states of calamity in their respective jursidictions, for the  deployment of service desks and the agency’s mobile branch, the Lingkod Pag-IBIG On Wheels, to receive applications for calamity loans from members as well as insurance  claims from current Pag-IBIG Housing Loan borrowers whose properties have been  damaged due to the typhoon. 

“When calamities strike, we at Pag-IBIG understand that our members in affected areas need  immediate financial assistance. That is why we make sure that all our programs and services  remain responsive and accessible to our members. Even while our offices and personnel in  calamity-hit areas have also been affected by the typhoon, our branches remain open and are ready  to receive loan applications and housing loan insurance claims. Our Lingkod Pag-IBIG on Wheels  have also been deployed to typhoon-stricken areas in Ilocos Norte, Ilocos Sur, and La Union to  further bring our services closer to our members who are most in need. And, for members who  have internet access, the Virtual Pag-IBIG is ready to accept their calamity loan applications  online. Our members can count on Lingkod Pag-IBIG to help them during these trying times,” said Acosta.


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