Pag-IBIG extends P.5-B calamity aid

In response to the plight of Pag-IBIG Fund members whose lives were adversely affected by recent calamities and acting in accordance with the instruction of President Arroyo, Pag-IBIG Fund has extended a total of P492,787,744 in calamity loans to 27,316 Pag-IBIG members as of Aug. 2.

Region 3, covering Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac and Zambales, accounted for 57.7 percent of the total assistance, with loans amounting to P284,455,345.

Trailing Region 3 were Region 1 (Ilocos Norte, Ilocos Sur, La Union and Pangasinan) which accounted for 25.6 percent with loans totaling P126,190,092, and the National Capital Region, 17.3 percent.

Under HDMF Circular 195 dated May 19, members availing themselves of calamity assistance may be entitled to as much as 80 percent of their total accumulated value (TAV) comprising the members’ personal contributions, their employers’ counterpart contributions and the dividend earnings from both contributions.

For members with existing multi-purpose loans, the balance will be deducted from the proceeds of their calamity loan. The interest rate of the loan is set at 10.75 percent yearly over a 24-month period.

Lawyer Romero Quimbo, Pag-IBIG Fund president and chief executive officer, said, "Pag-IBIG has always looked after the interest and welfare of its members and has continually been sensitive to their needs, especially in times of hardship."

Just this June, Pag-IBIG approved and implemented a special housing loan restructuring and penalty condonation program to help hard-up members who have fallen behind their amortization payments due to economic difficulties.