B calamity loan fund for Pag-IBIG members
The Home Development Mutual Fund (HDMF or Pag-IBIG) has allotted R1.5 billion as calamity loan fund for members who were affected by typhoon "Ruby."
The R1.5 billion fund is just an "initial" amount and the Pag-IBIG Fund Board of Trustees may approve additional funding should more members apply for a calamity loan, said Vice President Jejomar C. Binay,
We are exerting all efforts to alleviate the financial burden of our members living in areas ravaged by Ruby,” Binay said in a statement. Binay is also head of the Pag-IBIG Fund Board of Trustees in his capacity as chairman of the Housing and Urban Development Coordinating Council (HUDCC).
Pag-IBIG Fund President Darlene Marie B. Berberabe said calamity loans in 2014 averaged P13,000 per member. She said that the Board of Trustees may allot additional funding for calamity loans if necessary.
The calamity loan program is available to members living in areas that have been declared under a state of calamity.
As of 8 a.m. of Dec. 9, Camarines Sur, Albay, Cebu, Masbate, Catanduanes, Aklan, Samar, and the City of Tacloban have been placed under a state of calamity.
“We will definitely allocate more funds to help more members if necessary,” Berberabe said.
Eligible members may file their loan applications at the nearest Pag-IBIG office within 90 days from the dec- laration of the state of calamity.
"Under our calamity loan program, members with contributions of at least 24 months can borrow up to 80 percent of their total savings. To help ease the members’ payment burden and allow them to first focus on their immediate concerns in the aftermath of Ruby, the loan is payable in 24 months, with a 3-month grace period, at an interest rate of 5.95 percent per annum, the lowest in the market," she explained.
Meanwhile, Berberabe said members with existing housing loans may also file a claim for insurance if their homes have sustained damages during the typhoon.
Application forms for the calamity loan and the insurance claim may be downloaded from www.pagibigfund.gov. ph or requested from Pag-IBIG branches or roving offices, she said.