Pag-IBIG ready to allocate P5B in loans for 'Pedring' victims

The Home Development Mutual Fund (Pag-IBIG Fund) on Thursday announced it can allocate up to P5 billion in calamity loan funds for Pag-IBIG members hit hard by Typhoon Pedring. "We can allocate... P5 billion immediately. We have the funds," Pag-IBIG deputy chief executive Emma Linda Faria told reporters after the Senate finance committee hearing on the budget of the state housing agencies. In the same media interview, Vice President and Pag-IBIG board chairman Jejomar Binay also said the agency had allocated P14 billion in calamity loan funds for victims of Typhoon Ondoy. In a statement on Thursday, Pag-IBIG said their Calamity Loan Program is open to all active Pag-IBIG members who have made at least 24 monthly contributions and are residing in areas declared under a state of calamity by either the local government unit or by the Office of the President. It said that a qualified member can borrow as much as 80 percent of his Pag-IBIG savings, comprising personal contributions, the employer counterpart savings, and the dividends earned. Faria said that members can get between P10,000 to P15,000. Pag-IBIG said the loan will be released to the member and must be paid in 24 months, with a grace period of five months. Loan interest is at 10.75 percent yearly. The agency said Pag-IBIG members with outstanding Multi-Purpose Loans may still borrow under the program, but their MPL balance will be deducted from the proceeds of their calamity loan. Binay, for his part, said he has already directed the agency to prioritize the processing of calamity loan applications of affected members. "Madali than usual kasi special ito, kailangan mai-release kaagad yan," he said. Faria said that if the member has complete requirements, the loan can be released within a day. Meanwhile, Pag-IBIG Fund chief executive officer Atty. Darlene Marie Berberabe said the Fund is ready to deploy its employees to calamity-stricken areas, if necessary, to receive loan applications on-site. She likewise advised affected members to apply for the loans immediately because the program has a prescriptive period of 90 days from the declaration of the state of calamity. For inquiries regarding the loan, Pag-IBIG said members may visit the Pag-IBIG branch nearest them or call their hotline at 7244244 (for NCR). On Wednesday, Social Welfare Sec. Dinky Soliman said that 40,699 families lost their homes in 25 provinces in the National Capital Region, Cordillera Administrative Region, Regions 1, 2, 3, 4A, 4B, and 5. — LBG, GMA News