Pag-IBIG Fund announced last Friday, 4 November, that the agency has allocated P5 billion in calamity loan funds to help members affected by Typhoon Paeng.
“We are ready to help our members affected by Typhoon Paeng with our Calamity Loan program. That is why we have set aside P5 billion in calamity loan funds to help them recover from the damages caused by the typhoon,” according to Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development.
Under the Pag-IBIG Calamity Loan, eligible members may borrow up to 80% of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned.
The loan is payable over a period of up to three years, with a grace period of three months so that initial payment is due only on the fourth month after the loan is released.
Qualified borrowers may apply for the calamity loan within 90 days from the date when an area has been declared under a state of calamity.
