The Home Development Mutual Fund or Pag-IBIG said it has earmarked P4.6 billion for its calamity loan program to assist members affected by the recent Typhoon Nina.
In a statement on Thursday, Pag-IBIG said it is prepared to assist members who were severely affected by the recent typhoon in the regions of Bicol and Southern Luzon.
“With the declaration of the state of calamity in the provinces of Albay, Catanduanes, and Camarines Sur, and in Calapan City, we are making available our Calamity Loan Program to those who have been affected by the typhoon,” Pag-IBIG Fund President and Chief Executive Officer Atty. Darlene Marie Berberabe said.
At present, Pag-IBIG said it has a total of 261,300 members in the Bicol region, while there are a total of 768,000 members in Southern Luzon.
Berberabe said the Fund’s branches in the two affected regions are ready to assist calamity loan applications of its members.
“We will ensure that our branches have enough personnel to assist our members availing of the loan,” Berberabe said.
Pag-IBIG has three branches that will serve its members in the Bicol area, which are located in the areas of Legazpi, Naga, and Virac.
Pag-IBIG branches in Southern Luzon are located in the cities of Batangas and Lipa in Batangas; Calamba, San Pablo, and Sta. Rosa in Laguna; and Lucena, Quezon. In addition, there are offices in Calapan, Oriental Mindoro and Puerto Princesa, Palawan.
The Pag-IBIG Calamity Loan is available to eligible members living in areas that have been declared under the state of calamity.
“To qualify, members must have at least 24 monthly contributions, and must not be in default in their payments of their Pag-IBIG Housing Loan or Multi-Purpose Loan,” the agency said.
Members eligible for the loan may borrow up to 80 percent of their total accumulated savings. This will be at an annual interest rate of 5.95 percent.
Berberabe emphasized that aside from providing the lowest interest among government institutions, the Fund also offers a 3-month grace period for loan payments.
“Our member-borrowers may start paying only on the 4th month, giving them time to attend to the urgent concerns of their families and recover from the effects of the calamity,” Berberabe said.
Applications for the calamity loan must be filed within 90 days from the time a state of calamity has been declared in the area, according to Berberabe.
Apart from the calamity loan, Pag-IBIG noted that its housing loan borrowers may file for insurance claims on their properties damaged by the typhoon.
“To further assist our housing loan borrowers, we also requested our accredited developers to help identify and document which of their projects taken-out through Pag-IBIG were affected by the typhoon,” Berberabe said.
In addition, the Pag-IBIG president said the agency will deploy inspectors an appraisers to help identify the extent of the damage in the affected areas and to provide information to our members who have potential claims.