Pag-ibig Fund allots calamity loan funds

THE top executives of the Pag-ibig Fund announced on Thursday, January 16, 2020, that they have allocated calamity loan funds for 2020 to help members affected by calamities, including the ongoing Taal Volcano eruption in southern Luzon.

“The Pag-ibig Fund has allocated calamity loan funds this year, which could help our members living in Batangas and Cavite following the destructive effects of the ashfall and earthquakes caused by the eruption of Taal Volcano,” said Secretary Eduardo D. del Rosario, who heads the department of human settlements and urban development and the Pag-ibig Fund board of trustees.

He further said: “This is in line with the directive of President Rodrigo Roa Duterte to provide Filipinos with responsive social benefits during trying times.”

Under the Pag-ibig Fund’s calamity loan program, eligible members may borrow up to 80 percent of their total Pag-ibig savings, which consist of their monthly contributions, employer’s contributions and accumulated dividends earned.

Affected members have 90 days from the declaration of a state of calamity in their area to avail themselves of the loan.

Lowest rate

Considering the plight of the borrowers, the Pag-ibig Fund is offering the calamity loan at a rate of 5.9 percent per annum— the lowest rate available in the market.

The loan is payable over a period of 24 months, with the first payment deferred. Initial payment is due on the third month after the loan is released.

“We never want calamities to happen but when they do, we are ready to respond to the needs of affected members. In 2019, we released P1.51 billion to help 89,570 members affected by various disasters. For 2020, we hope to help more members with the allocated funds,” del Rosario said.

He added: “The Pag-ibig Fund branches in Batangas and Cavite will remain open even as some of our offices and employees weren’t spared from the eruption. We are actively helping our employees there and bringing in supplies and added manpower, as part of our commitment to bring aid to the calamity-stricken members.”