Sunday, December 27, 2015

Pag-IBIG readies Calamity Loan for members affected by Typhoon Nona

Pag-IBIG Fund Board of Trustees Chairman Atty. Chito M. Cruz said recently that Pag-IBIG Fund is ready to assist its members affected by the havoc wreaked by Typhoon Nona.

"As soon as affected local government units issue Resolutions declaring their areas under state of calamities, Pag-IBIG branches in the vicinity will immediately start accepting applications for calamity loan," said Atty. Cruz.

As of December 21, the provinces of Northern Samar, Albay, Sorsogon, and Oriental Mindoro, and the Municipality of Magsaysay in Occidental Mindoro have already issued Resolutions declaring their areas under state of calamity.

Under Pag-IBIG guidelines, members residing in areas declared under state of calamity may file for a calamity loan application at the nearest Pag-IBIG office within 90 days from the date of declaration of the state of calamity.

Atty. Cruz explained that affected residents in the North and Central Luzon region may immediately file their loan applications if their area was declared under state of calamity about two months ago due to the devastation caused by Typhoon Lando.

"We are still within the 90-day period since several provinces in North and Central Luzon were declared under state of calamity because of Typhoon Lando so there is no need to wait for a separate declaration of a state of calamity in the region," Atty. Cruz added, referring to the areas affected by Typhoon Lando and then Typhoon Nona.

Atty. Cruz clarified, however, that for Pag-IBIG members residing in other areas affected by Typhoon Nona, they need to wait for the declaration of a state of calamity before they can file for a calamity loan, unless their case is similar to that of Central Luzon's.

Pag-IBIG yearly allots an amount for calamity loan that may be availed of by their members affected by calamities.

"For 2015, we still have a remaining fund allocation of P3.27 Billion for the Calamity Loan Program." said Atty. Darlene Marie B. Berberabe, President and Chief Executive Officer of Pag-IBIG Fund.

Atty. Berberabe explained that members who have been contributing for at least two years can borrow up to 80% of their total savings.

“Our calamity loan offers the lowest interest rate in the market at only 5.95% per annum, with a three-month grace period before the first amortization starts. Because of the affordability and easy terms of our calamity loan program, we do not add to the burden that our affected members just went through," Atty. Berberabe said.

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