Pag-IBIG Visayas now accepting calamity loan applications

CEBU, Philippines — The Pag-IBIG Fund Visayas office announced the availability of calamity loans to members residing in typhoon-hit areas across the region.

According to Rio R. Teves, Pag-ibig Fund department manager for business development in the Visayas, acceptance of calamity loan applications due to typhoon Odette is ongoing.

“Members may submit loan application in any branch,” he informed The Freeman via text message.

Teves, however have yet to clarify if loan applications can be processed through online.

In an earlier press statement, the agency announced the availability of P5 billion in calamity loans to help its members affected by typhoon Odette.

“In times like these, Pag-IBIG Fund is always ready to help members through our Calamity Loan Program. That is why the Pag-IBIG Board has allocated a calamity loan fund of P5 billion as aid for our members in Visayas and Mindanao to help them recover from the devastation caused by typhoon Odette,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11- member Pag-IBIG Fund Board of Trustees.

Under the Pag-IBIG Calamity Loan Program, eligible members may borrow up to 80 percent of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned.

And in consideration of the plight of the members, the Calamity Loan is offered at a rate of 5.95 percent per annum which is the lowest rate in the market. The loan is payable over a period of up to three years, with a grace period of two months so that initial payment is due only on the third month after the loan is released.

Qualified borrowers may apply for the Calamity Loan within 90 days from the date when an area has been declared under a state of calamity.