Frank typhoon victims got aid from Pag-IBIG Fund
Assessing the devastation caused by typhoon “Frank”, Vice President and Pag-IBIG Fund Board Chairman Noli “Kabayan” De Castro directed the Fund to come to the aid of the victims by expediting the processing of applications for calamity loans. Immediately, Pag-IBIG, through its Chief Executive Officer Romero F. S. Quimbo, approved the allocation of P1.5 billion for the said loans to help Fund members affected by typhoon “Frank”, which triggered disastrous floods particularly in the Visayas Region.
The loan is open to any active Pag-IBIG member who has made at least 24 monthly contributions who are residing in areas declared under the state of calamity by either the local government unit or by the Office of the President. Members with outstanding Multi-Purpose Loans (MPL) may still borrow under the program. To optimize assistance, a qualified member can borrow as much as 80 percent of his Pag-IBIG savings, comprising his personal contributions, the employer counterpart savings, as well as the dividends earned.
The said loan will be released to the member and will be paid over a period of 24 months. As an additional relief, a borrower is given a five-month grace period before he starts paying the loan.
CEO Quimbo advised all affected members to file their applications with the Pag-IBIG branch where their contributions are remitted within 90 days from the occurrence of the calamity. VP De Castro has instructed the Pag-IBIG Fund to process the loans of affected members within one day from its filing, if possible.
The Pag-IBIG Fund Calamity Loan Program is an on-going scheme made available to Fund members to assist them in rebuilding their lives after a calamity. In 2007, the Fund has released nearly P2 billion in calamity loans which benefited 120,793 members across the country. For inquiries, members may call the Pag-IBIG hotline at 724.4244.