Economy · August 3, 2022

Pag-IBIG awards P3B loans to earthquake victims

STATE-RUN Home Development Mutual Fund (Pag-IBIG Fund) initially provided £ 3 billion in disaster loan funds for members in disaster-stricken areas, including those hit by the massive earthquake that hit northern Luzon.

The aforementioned fund was awarded to help affected Pag-IBIG members in the Ilocos region, the Cagayan Valley and the Cordillera Administrative Region (CAR) recover from the devastation caused by last week’s 7-magnitude earthquake.

“We are also working closely with our other government agencies, as directed by President Ferdinand Marcos Jr., so that we can maximize our collective resources to provide for the needs of our fellow Filipinos affected in these areas,” the secretary said. newly appointed Jose Rizalino Acuzar of the Department for Human Settlements and Urban Development and chairman of the Board of Trustees of the 11-member Pag-IBIG Fund.

To qualify for the Pag-IBIG Disaster Loan, eligible members can borrow up to 80 percent of their total Pag-IBIG savings, which consist of their monthly contributions, counterparty employer contributions and accumulated dividends. In view of the plight of the members, the disaster loan is offered at a rate of 5.95 percent per annum, which is the lowest rate on the market.

The loan is payable over a period of up to three years, with a two-month grace period so that the initial payment is only due in the third month after the loan is issued. Qualified borrowers can apply for the disaster loan within 90 days of the date an area was declared in a state of disaster.

Get the latest news

delivered to your inbox

Sign up for the Manila Times daily newsletter

By registering with an email address, I declare that I have read and accept the Terms of Service and the Privacy Policy.

Pag-IBIG Fund Chief Executive, Acmad Rizaldy Moti, said the agency has implemented its mobile branch, Lingkod Pag-IBIG On-Wheels, and has set up off-site service desks to receive loan requests for calamities from members, as well as insurance claims from current Pag – IBIG real estate borrowers whose properties may have been damaged by the tremors.

“In the wake of the calamities, we are aware that our members must have immediate access to our benefits and services. Immediately after the earthquake, we deployed our mobile branch – Lingkod Pag-IBIG-On-Wheels – to get around the region of Ilocos, the Cagayan Valley and the CAR and provide services where it is needed most. In coordination with local government units, we have also set up assistance desks on the ground near evacuation areas and government centers in these regions so that members can easily access us, ”said Moti.

“Our Virtual Pag-IBIG also remains ready to accept online disaster loan applications from members who have access to the Internet service. And while our offices and staff in the earthquake areas have also been affected, our branches are open. and ready to receive disaster loan applications and housing loan insurance applications. Our members can rest assured that during tough times, Pag-IBIG will always be there to help, “added Moti.

About 105,241 families were affected by last week’s earthquake that shook northern Luzon, based on the latest report from the National Disaster Risk Reduction and Management Council. The agency said this figure equates to 404,370 people living in 1,115 barangays (villages) in the Ilocos region, the Cagayan valley and CAR.