Pag-IBIG allocates P4.5-B calamity loans

The Pag-IBIG Fund is setting aside some R4.5-billion worth of calamity loans in assistance for members affected by the recent earthquake that hit Central Visayas.

Vice President Jejomar C. Binay, who also chairs the Pag-IBIG Board of Trustees, announced that Pag-IBIG members residing in Cebu and Bohol provinces - both declared under a state of calamity - may avail of loans from the calamity fund.

“Pag-IBIG is setting aside these funds to help Pag-IBIG members repair their homes damaged by the recent earthquake,” Binay said. “They can also use the proceeds of their loans to help their relatives affected by the disaster.”

Pag-IBIG chief executive officer Atty. Darlene Marie B. Berberabe, who joined Binay in his recent visit to Cebu and Bohol, said under Pag-IBIG’s calamity loan program, members may loan up to 80 percent of their total savings with the Fund.

She added that this year, the average loan amount of Pag-IBIG members is at R16,000.

Berberabe also said for members whose homes were badly damaged and need major repairs, they can also avail of a separate housing renovation loan under the regular home lending program.

Binay instructed Pag-IBIG to extend a moratorium on housing loan payments to members whose houses were damaged by the earthquake.

Members with updated housing loans will be given a three-month reprieve on their monthly housing loan payments.

Berberabe said members availing of the moratorium must apply for it in Pag-IBIG offices in Cebu and Bohol.

She also informed home loan borrowers whose homes were destroyed by the earthquake that they can file claims from insurance companies for their damaged properties.

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