Pag-Ibig Foundation notes PBBM’s call, mobilizing disaster loans for members affected by the typhoon
The Pag-ibig Fund has mobilized its disaster loan program to assist members affected by the typhoon, consistent with the instructions of President Ferdinand Marcos (Jr.) to immediately support Filipinos in disaster-affected areas.
“We are ready to assist our members with the impact of the typhoon through the Pag-Ibig Calamity loan,” Jose Ramon P. Alling, head of the Human Settlements and Urban Development Department and chairman of the Pag-Ibig Fund, said. “We continue to monitor development closely and are ready to provide immediate assistance in areas that may be declared a disaster in the coming days. This is part of our ongoing efforts to understand President Marcos’s call for timely relief and support to those in need.”
Under the PAG-IBIG CALAMITY loan program, eligible members can borrow up to 90% of their total Pag-Ibig savings, which includes their monthly savings, employer rival contributions and dividends. The loan has an annual interest rate of 5.95%, the lowest interest rate for cash loans on the market and should be paid within a maximum of three years and a three-month grace period before the first payment. Members can submit loan applications within 90 days of declaring the disaster status in the area.
Meanwhile, Marilene C. Acosta, CEO of Pag-ibig Fund, said that the Pag-Ibig branch is now coordinating the typhoon with local government departments in their respective regions.
“When a disaster strikes, we learned at Pag-ibig that our members need immediate financial assistance in the affected areas. So we make sure that all our services and benefits can still accommodate our members. Even if our offices and personnel in the typhoon-hitting areas are affected, our branches are still open, our branches are still open and ready to borrow loan applications and lease scope. Once these areas are available to access the members we need most, and for members with internet access, virtual Pag-ibig can accept their disaster applications during these tough times. Ms. Acosta said.
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