P322 million released for calamity loans
CEBU, Philippines - The Home Mutual Development Fund or Pag-IBIG Fund has released a total of P322,199,000.00 to 36,252 members in Cebu and Bohol who have availed of a calamity loan as of November 26, 2013.
Of the 36,252 members, 20,507 are from their North Cebu branch and Bohol province while the 15,745 are from the South Cebu branch. There were 40,128 members who applied for a calamity loan, but applications of 1,957 members were disapproved for various reasons.
The Pag-IBIG Fund has allocated P5 billion for calamity loans and another P5 billion for housing loan for members affected by super typhoon Yolanda. Active members who reside in areas placed under a state of calamity can avail of the loan provided they have savings equivalent to 24 months.
A member can avail of 80 percent of his or her Total Accumulated Value, which can be paid for within two years and three months.
The calamity loan has an interest of 5.95 percent per year. (FREEMAN)
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