Pag-Ibig Fund offers calamity loans for affected members 

THE Home Development Mutual (Pag-Ibig) Fund has assured members affected by Typhoon Kristine (international name: Trami) can receive their calamity loan without delay, according to a report by BusinessMirror.

Pag-Ibig Fund Vice President Karin-Lei F. Garcia, however, clarified these are members with complete and updated records.

“Kung maayos po ang inyong record sa Pag-Ibig Fund, updated ang lahat ng records ninyo at details, kaya po naming i-release ang calamity loan proceeds within two to three working days. So, niri-release po iyan namin sa cash card,” Garcia said in televised interview last Wednesday.

For members who need to update their records, Garcia said the processing time for the loan may take longer.

“[Yung] mga kailangan po mag-ayos at magpa-reconcile ng documents, mag-update ng details sa Pag-Ibig fund, puwede pong abutin up to seven working days ang release ng Calamity Loan proceeds ninyo,” she added.

The state housing lender said its calamity loan program is available to members residing or working in areas declared under a state of calamity.

Eligible members can borrow up to 80 percent of their total Pag-Ibig Regular Savings, which includes their contributions, employer contributions, and accumulated dividends. The loan carries an interest rate of 5.95 percent per annum with payment terms of 24 months and 36 months, with the first payment deferred for three months.

For disbursement, a member with a cash card can receive the loan proceeds directly. Those without a cash card can obtain one at any Pag-Ibig branch by visiting in person to have their photo and fingerprint taken. The Loyalty Card Plus, which functions as a cash card, will be issued on the spot.

In extreme cases, Garcia, who heads the Pag-Ibig Fund Public Relations and Information Services Group, noted that calamity loan proceeds can also be released via check.

For those who are not qualified for a calamity loan or those outside the calamity-affected areas, Pag-Ibig offers a multi-purpose loan, which provides similar terms for various purposes.