P601M in calamity loans for Pag-IBIG members approved
October 17, 2011 11:21 pm
MANILA, Oct. 17 — The Pag-IBIG Fund has so far approved the release of over P601 million in calamity loans to more than 37,000 Fund members affected by typhoons “Pedring” and “Quiel.”
“We would like to assure our members that Pag-IBIG will always be ready to extend assistance to them whenever they need it,” Vice President Jejomar Binay said on Monday.
He added that the Board has directed the deployment of Pag-IBIG employees in more areas affected by the flooding to accept calamity loan applications and to assist members who want to avail themselves of the three-month moratorium on loan payments.
“We expect more members to file their applications in the coming weeks as the program is open within a period of 90 days from the time their areas have been declared under a state of calamity,” Atty. Darlene Marie Berberabe, Pag-IBIG Chief Executive Officer, said.
Berberabe said many of those who applied for the loans were members under the Fund’s Baguio, Malolos, Pampanga and Caloocan branch offices.
Loans were also filed with various branches in the National Capital Region, in its Pampanga Branch and in various offsite centers.
Berberabe added that Pag-IBIG had set up receiving centers to accept applications for calamity loans in Marikina, Valenzuela, Cabanatuan and Aurora "so that we can better reach members who were affected by these calamities.”
The Pag-IBIG Fund’s calamity loan program is open to qualified members residing in areas affected by natural calamities.
Under this program, an affected member may avail of as much as 80 percent of his total savings, payable in 24 months with a grace period of five months.
The loan program, according to the CEO, “is the Fund’s way of helping its members get back on their feet after the typhoons that struck the country." (PNA)