The home development fund or Pag-IBIG announced on Tuesday that it is ready to assist its members who were affected by Typhoon Nona.
In a statement, Chito Cruz, chairman of the Pag-IBIG board of trustees, said the fund is ready to help members but it is still waiting for local governments to declare their areas under a state of calamity.
“As soon as affected local government units issue resolutions declaring their areas under a state of calamity, Pag-IBIG branches in the vicinity will immediately start accepting applications for calamity loan,” Cruz added.
As of December 21, only a few provinces had issued resolutions declaring their areas under a state of calamity, among them Northern Samar, Albay, Sorsogon, Oriental Mindoro and Occidental Mindoro (the municipality of Magsaysay).
Pag-IBIG said only members residing in areas declared under a state of calamity may apply for a calamity loan within 90 days from date of the declaration.
Cruz said residents of Northern Luzon and Central Luzon who were affected by Typhoon Lando about two months ago may immediately apply for the calamity loan if their area was declared under a state of calamity after the typhoon struck.
Darlene Marie Berberabe, Pag-IBIG president and CEO, said the agency still has a remaining P3.27 billion for the calamity loan program for 2015.
She added that members who have been contributing for at least two years can borrow up to 80 percent of their total savings.
“Our calamity loan offers the lowest interest rate in the market at only 5.95 percent 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,” Berberabe said, referring to the members’ brush with the victims of Typhoon Nona.