Do you have info about Pag ibig Calamity Loan?

Answer 1

Pension funds, Pag-IBIG to offer emergency loans to victimsBy Lailany P. Gomez, Reporter, Manila Times Website

State-run pension funds and a government financial institution announced on Monday that they were planning to extend calamity loans to their members who were affected by tropical storm Ondoy. At the Government Service Insurance System (GSIS), an official told The Manila Times that it would launch a special loan program on October 1 for members living in areas under a state of calamity. The official asked not to be named because he did not want to preempt the official announcement on Thursday.

Under the plan being prepared, eligible members could apply for a loan of up to P20,000, the official said.
But he added that the pension fund has yet to "set up the guidelines and clean up the records" before the loans could be offered.

The Social Security System, meanwhile, said it would announce on Wednesday what assistance it would extend to its members affected by Ondoy.

An official from the fund said that the Social Security Council was also studying how to allow the liberalization of the salary loan program, adding that the organization was planning to donate money to the victims.

The official said that "liberalizing" the salary loan programs means that effected members with existing salary loans could still apply for assistance worth at least P14,000.

He said that a qualified member living in areas under a state of calamity could apply for up to P24,000 in allowable assistance under the program, granting that he or she fulfilled certain requirements.

"Salary loan is the easiest way. You can get the loan from 2 to 3 days," the source said when asked why the SSS offered a salary loan instead of a special loan program. The details of the program will also come out on Wednesday after the Social Security Council meeting.

Pag-IBIG loans

Meanwhile, the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund also announced that it was accepting applications for calamity loans starting Monday.

Vice President Noli de Castro, chairman of the funds Board of Trustees, ordered all fund offices to prioritize the processing of applications from members victimized by the storm.

De Castro advised members to file their loan applications at the Pag-IBIG offices nearest them, because they have only 90 days from the time of the calamity within which to apply for loans under the program.

Jaime Fabiana, Pag-IBIG chief executive officer, said that under the Fund's Calamity Loan Program, members could borrow up to 80 percent of their total accumulated savings, with an interest rate of 10.75 percent each year. The loan has a five-month grace period and is payable in 24 months.

Fabiana explained that members with existing Multi-Purpose Loans could still apply for assistance. But the outstanding Multi-Purpose Loans balance would be deducted from the proceeds of their calamity loan, he added.

To qualify, applicants must be residents of localities declared as calamity areas. They must also have paid at least 24 monthly contributions and are active members at the time of application. They must continue to remit their contributions during the term of the loan.

To date, Metro Manila and 25 other provinces in Luzon have been placed under a state of calamity. These include the provinces of Aurora, Quirino, Nueva Ecija, Nueva Viscaya, Pangasinan, Tarlac, Zambales, Pampanga, Bulacan, Rizal, Quezon, Isabela, the Mountain Province, Ifugao, Benquet, La Union, Batangas,
Cavite, Mindoro Occidental, Mindoro Oriental, Marinduque, Camarines Norte and Bataan.

For inquiries about the Pag-IBIG Calamity Loan Program, members in Metro Manila can call 724-4244 or the nearest branch in their area