Pag-IBIG offers calamity loan for storm victims
MANILA, Philippines — The Home Development Mutual Fund, commonly known as Pag-IBIG, has opened a calamity loan program for its members affected by Severe Tropical Storm Paeng.
An estimated 344,000 Pag-IBIG members were affected by the storm, Jack Jacinto, the agency’s public media affairs manager, said during the Laging Handa press briefing yesterday.
He said Pag-IBIG members can apply for a calamity, multipurpose or housing loan.
Those with existing multipurpose or housing loans can still apply for a calamity loan equivalent to up to 80 percent of their total savings, provided that payments of their current obligations are updated.
Jacinto said application forms should be signed and certified by the employers of the borrowers while proof of income is required for the self-employed.
Borrowers should have an account either with the Land Bank of the Philippines, Development Bank of the Philippines or United Coconut Planters Bank, where the loan will be deposited.
The calamity loan has an interest rate of 5.95 percent per annum payable in three years.
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