Members of the Home Mutual Development Fund or Pag-IBIG Fund, who were affected by the recent disaster in the Cebu region may now borrow a calamity loan worth up to 90 percent of their total savings, including employer contributions and dividends.
Pag-IBIG vice president of the public and member relations group, Jack Jacinto Jr., said they are also assessing the condition of houses owned by members with existing housing loans, noting that those damaged homes may receive assistance through the lending insurance tied to their housing credit.
‘There are two things here, which are our Pag-IBIG calamity loan, that is in cash and applied for by the members. And the insurance for housing loan borrowers to cover the damage, especially those affected by the earthquakes,’ he said.
Repayment for the Pag-IBIG calamity loan will commence three months after its release and be fully repaid over a period of up to three years, a measure designed to provide members with sufficient time to recover from disaster-related losses, according to Jacinto.
Calamity loan applications can be filed online, providing members with convenient access to financial assistance without the need for in-person transactions.
Jacinto said that members with existing loans may still borrow under the program, although the loanable amount will be adjusted based on their outstanding balance.
‘Members may still apply for a loan, but the amount will be deducted based on what their savings can cover. Whatever their savings can still accommodate will be the amount that can be lent,’ he said.
A magnitude 6.9 earthquake jolted Cebu at 9:59 p.m. on Tuesday. According to the Philippine Institute of Volcanology and Seismology, the epicenter is east of Bogo City at a 10-kilometer depth.