THE Pag-IBIG Fund has announced that members affected by Severe Tropical Storm Kristine can make use of the calamity loan program and enjoy a moratorium on housing loan payments.
Pag-IBIG Chief Executive Officer Marilene Acosta said in a statement that members residing or working in areas declared under a state of calamity — including areas in Region 4A (Calabarzon), Region 1 (Ilocos), Region 2 (Cagayan Valley), Region 5 (Bicol), Region 8 (Eastern Visayas) and National Capital Region — may apply to alleviate their financial difficulties and allocate their funds toward more immediate recovery needs.
Housing Secretary Jose Rizalino Acuzar said the availability of the loan program and the housing payment moratorium was in line with the call of President Ferdinand Marcos Jr. to extend all necessary support and assistance to help them recover and rebuild.
“Pag-IBIG Fund is here to provide support to our Filipino workers who are facing financial difficulties caused by Typhoon Kristine through the availability of the calamity loan and the grant of a one-month housing loan payment moratorium,” Acuzar said.
“We want to provide relief to our members in the hardest-hit areas as they recover from the impact of the typhoon,” said the housing czar who also heads the 11-member Pag-IBIG Fund board of trustees.
The Pag-IBIG Calamity Loan is one of the agency’s short-term loan programs designed to provide relief and support to members residing or working in areas declared under a state of calamity.
Acosta said qualified members can borrow up to 80 percent of their total Pag-IBIG regular savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned.
The loan is offered at a low annual interest rate of only 5.95 percent, with payment terms of 24 or 36 months and the first payment deferred for three months.
Meanwhile, the Pag-IBIG Multi-Purpose Loan would be available for members who need financial assistance in areas not declared under a state of calamity to also help them recover from the aftermath of the typhoon, Acosta said.
Under the one-month housing loan payment moratorium, the agency said that payments on members’ housing loans or installments would be suspended for the approved period at no additional cost.
Eligible members will have until Dec. 31, 2024 to apply for the availment of the moratorium program through the Virtual Pag-IBIG or at the nearest Pag-IBIG branch.
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