With the onslaught of Typhoon Lando (Koppu) in Central and Northern Luzon, Pag-IBIG Fund announced that members can avail of calamity loans to help cushion the impact of the disaster.
“We have allocated P6 billion to ensure that we have sufficient funds for our members who will apply for a Calamity Loan this year. We are ready to help our members get back on their feet,” said Atty. Chito M. Cruz, who heads the Pag-IBIG Fund Board of Trustees in his capacity as Chairman of the Housing and Urban Development Coordinating Council (HUDCC).
The Pag-IBIG Calamity Loan is available to eligible members living in areas that have been declared under a state of calamity. Members, who have been contributing for at least two years, can borrow up to 80% of their total savings to answer for their immediate needs. On average, a Calamity Loan amounts to P20,000.
“Members need not worry about high interest rates because we made the Calamity Loan more affordable. It’s now only 5.95% per annum, the lowest in the market. And in consideration of our members’ plight, there is also a three-month grace period so they have three months before amortization starts,” said Pag-IBIG President and CEO Atty. Darlene Marie B. Berberabe.