Pag-IBIG allots initial P3 billion calamity loan funds for members in quake-hit regions, other calamity areas

The effects of the magnitude 7.3 quake that struck in Abra were also visible and felt in the nearby province of Ilocos Sur. (Eagle News Service)


(Eagle News) – An initial P3 billion in calamity loan funds have been allocated by Pag-IBIG Fund for members in calamity-stricken areas, including those affected by the strong earthquake that hit North Luzon on July 27.

Officials of the Pag-IBIG Fund announced on Monday, August 1, as part of its efforts to help the victims of the magnitude 7 quake that hit the region, devastating many areas in northern Luzon.

“Pag-IBIG Fund has allocated calamity loan funds to help affected members in Ilocos Region, Cagayan Valley and the Cordillera Administrative Region (CAR) recover from the devastation caused by last week’s earthquake,” said newly appointed Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development.

“We are also working closely with our fellow government agencies, as directed by President Ferdinand Marcos, Jr., so that we can maximize our collective assets towards providing for the needs of our fellow Filipinos affected in these areas,” said Acuzar who also serves as chairperson of 11-member Pag-IBIG Fund Board of Trustees.

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

-Loan offered at lowest rate-

The calamity loan is also offered at a rate of 5.95% per annum –the lowest rate in the market — in consideration of the plight of its members.

The loan is payable over a period of up to three years, with a grace period of two months. The 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.

-Offsite service desks to receive applications-

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti stated that the agency has deployed its mobile branch, the Lingkod Pag-IBIG On-Wheels and established offsite service desks to receive applications for calamity loans from members, as well as insurance claims from current Pag-IBIG Housing Loan borrowers whose properties may have been damaged by the tremors.

“In the wake of calamities, we are aware that our members need to have immediate access to our benefits and services. Immediately after the earthquake was felt, we deployed our mobile branch – the Lingkod Pag-IBIG-On-Wheels – to go around Ilocos Region, Cagayan Valley and the CAR and provide services where it’s needed most,” he said.

This handout photo taken from the Facebook page of La Trinidad Municipal Police Station shows a rescue team at the site of a collapsed building in La Trinidad, in the province of Benguet on July 27, 2022, after a 7.0-magnitude earthquake hit the northern Philippines. – A 25-year-old construction worker in La Trinidad, the capital of the landlocked province Benguet, died when the three-storey building he was working on collapsed, police said. (Photo by Handout / La Trinidad Municipal Police Station / AFP

Pag-IBIG also coordinated with local government units “to set up on-the-ground service desks near evacuation areas and government centers in these regions so that members can easily access” the Pag-Ibig services.

Moti said that the Virtual Pag-IBIG “also remains ready to accept calamity loan applications online from members who have access to internet service.”

“And, even while our own offices and personnel in earthquake-hit areas have also been affected, our branches are open and ready to receive calamity loan applications and housing loan insurance claims. Our members can be assured that during difficult times, Pag-IBIG will always be there to help them,” he added.

(Eagle News Service)

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