Pag-IBIG releases P5.8 M in loans for Agaton victims

MANILA, Philippines - At least P5.8 million in calamity loans had been released by the Home Development Mutual Fund or Pag-IBIG Fund for its members in Mindanao affected by Tropical Depression Agaton, Vice President Jejomar Binay said yesterday.

“As of Jan. 28, we have already processed 598 calamity loan applications out of the 827 we have received in four Pag-IBIG branches,  Binay,  chairman of Pag-IBIG Fund and the Housing and Urban Devlopment Coordinating Council (HUDCC), said.

He said the agency has processed the calamity loan applications of 247 members in Butuan, 317 in Iligan, 32 in Zamboanga, and two in Cagayan de Oro, while branches in affected areas continue to receive and process applications for calamity loan.

“We have also issued a three-month moratorium on housing loan payments for those affected by Agaton,” Binay said. 

The Vice President said a six-month moratorium for housing and short-term loans of members living in Yolanda-affected areas was also implemented.

He cited data from the National Disaster Risk Reduction and Management Council showing the death toll from Agaton at 70 as of Thursday, with  86 others injured and nine people still missing.

As of Thursday, Binay said Agaton’s damage to infrastructure and agriculture was estimated to have reached at least P527 billion.