Pag-IBIG rolls out post-calamity loan, insurance aid

Pag-IBIG Fund announced Tuesday, Nov. 18, that it is offering a one-month payment moratorium and reminding borrowers of built-in housing loan insurance to help members recover from recent typhoons and earthquakes.

Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board Chairman Jose Ramon P. Aliling said the measures reflect the agency’s mandate to assist Filipino workers affected by disasters in line with President Ferdinand R. Marcos Jr.’s directive to fast-track recovery in calamity-hit communities.

“Guided by President Marcos’s directive for a whole-of-government response to help those affected by calamities, we are offering housing loan borrowers a payment moratorium and insurance coverage for damaged homes under our Housing Loan Program, as well as providing all our members with affordable loan options to help them recover and rebuild,” Aliling said.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said all housing loans come with insurance coverage designed to help borrowers shoulder repair costs.

She said the one-month payment moratorium is available to housing loan borrowers in areas placed under a state of calamity due to typhoons Nando, Opong, Ramil, Tino and Uwan, as well as the recent earthquakes in Cebu and Davao.

“We understand that our members need immediate help when disasters strike, and we at Pag-IBIG Fund are always ready to respond,” Acosta said.

She added that borrowers whose homes were damaged can rely on their insurance coverage and apply for the payment moratorium through Virtual Pag-IBIG so they may focus on their families’ safety and recovery.

Pag-IBIG Fund is also offering calamity loans and home improvement loans at affordable rates to provide additional financial assistance.

Under the Pag-IBIG Calamity Loan Program, eligible members in areas under a state of calamity may borrow up to 90 percent of their Pag-IBIG Regular Savings at an annual interest rate of 5.95 percent—one of the lowest among comparable programs.

The calamity loan is payable over three years and includes a three-month grace period before the first amortization.

Through the Pag-IBIG Home Improvement Loan, qualified members may borrow up to PHP 300,000 for home repairs or upgrades.

The home improvement loan is payable within five years and is currently offered at a promotional interest rate of 3 percent per annum for the first 10,000 borrowers.

“We know that rebuilding after a disaster takes time and resources,” Acosta said.

“That is why we are providing multiple ways to help through our payment moratorium for financial relief, our Calamity Loan for immediate needs, the housing loan insurance for protection, and our Home Improvement Loan to help members restore their homes to safety and comfort, because Pag-IBIG Fund is here to make recovery easier, faster and more affordable for our members.”