The Pag-IBIG Fund has disbursed P5.82 billion under its emergency loan facility as of July 22 to help members cope with financial pressures from the Middle East war.
In a statement, the state-run housing lender said 803,769 members availed themselves of its Special Assistance for Financial Emergencies (SAFE) Loan within six weeks of its June 10 launch.
Under the program, qualified members may borrow up to P10,000 or 90 percent of their total Pag-IBIG savings, whichever is lower. The loan carries a 5.95-percent annual interest rate, offers repayment terms of up to three years, and includes a three-month grace period before monthly payments begin.
Applicants may submit applications until Sept. 8.
‘President Marcos has called on government agencies to make services more responsive to the needs of Filipino workers. In line with this call, Pag-IBIG Fund is providing ready and affordable financial assistance through the SAFE Loan, especially as the continuing tensions in the Middle East create financial challenges that are being felt by our members and their families,’ Housing Secretary Jose Ramon Aliling said.
Pag-IBIG Fund CEO Marilene Acosta said members needing more financial assistance may apply for its Multi-Purpose Loan if they have available loanable amounts based on their savings.
‘This is part of our commitment to be here for our members, not only for their immediate financial needs, but also as their partner in achieving homeownership and building better lives for their families,’ Acosta said.