November 7, 2022 | 12:00 AM
MANILA, PHILIPPINES — A residential development mutual fund, commonly known as Pag-IBIG, has allocated P5 billion for a disaster loan program for members affected by the onslaught of Typhoon Pane.
About 344,000 Pag-IBIG members in Calabarzon, Bicol, Western Visayas and Bangsamoro regions are affected.
Members residing in the above areas and other areas in disaster situations are eligible to borrow under the program.
Members can borrow up to 80% of their total Pag-IBIG savings. This consists of monthly contributions, opposing employer contributions and accumulated dividends earned.
The disaster loan has an interest rate of 5.95% per annum and is payable over three years. The first payment will be made after his three months of approval.
Borrowers may apply for a disaster loan within 90 days of the declaration of a disaster condition in a particular region.
Pag-IBIG chapters are currently coordinating with local authorities to roll out Lingkod Pag-IBIG On Wheels, the agency’s mobile chapter.
The branch receives disaster loan applications and insurance claims from current Pag-IBIG mortgage borrowers whose property has been damaged by a typhoon.
Marilene, Chief Executive Officer of Pag-IBIG said: Acosta said.
From the beginning of the year to September, Pag-IBIG has issued P2.03 billion in disaster loans, helping nearly 150,000 members in disaster-stricken areas.