Pag-IBIG Flooded By Loan Applicants

MANILA, Philippines --- To avoid congestion at branches of the Home Development Mutual Fund (HDMF or Pag-IBIG), Vice President Jejomar C. Binay appealed to private firms to remit through employees' contributions through banks while the agency is busy processing calamity loans of members affected by the floods in Metro Manila and nearby provinces.

"You may remit your employees' contributions through accredited banks such as Landbank, BPI, and Metrobank," said Binay, concurrent chairman of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG board of trustees.

Pag-IBIG branches in the metropolis and nearby areas have been packed with calamity loan applicants. Pag-IBIG said it has been receiving 3,000 to 5,000 applicants for loans daily, compared to the 300 to 500 it had been accepting before the floods.

Last week, Pag-IBIG branches in calamity areas have processed P131.02 million in calamity loans for over 6,000 members and their families.

"Corporate-wide, Pag-IBIG has granted P413.47 million in total calamity loans for close to 20,000 members over a span of just seven days," he said.

In 2009, Pag-IBIG extended P14 billion worth of calamity loans to 700,000 of its members when tropical storm "Ondoy (Ketsana)" inundated most parts of Metro Manila and surrounding provinces.