PAG-IBIG FUND RELEASES P36.7 M FOR CALAMITY LOAN IN BICOL

LEGAZPI CITY — A total of P36,774,620.49 has been released by the Home Development Mutual Fund (HDMF) to some 1,274 members in Bicol who availed of the PAG-IBIG calamity loan program from the region’s three provinces hardest hit by typhoon “Ondoy” last September 26.

Marietta Britanico, PAG-IBIG branch manager here, said the calamity loan program of the agency has since commenced by virtue of Presidential Proclamation 1891 declaring a state of calamity in National Capital Region (NCR) and 27 other provinces in Luzon, including Bicol.

Britanico clarified, however, only members from the provinces of Camarines Sur, Camarines Norte and Catanduanes, areas declared as calamity-stricken in Bicol, are qualified to avail of the PAG-IBIG calamity loan program.

She disclosed that as of yesterday (October 7), the agency’s branch here has approved 21 applications from Catanduanes residents netting some P523,874.17, while Naga City branch, servicing Camarines Sur and Norte, has granted loan to some 1,253 members amounting to P36,250,746.32.

She added that members were able to avail an average gross amount of P28,865.48 from the loan proceeds.

Britanico said that members can get up to 80 percent of the total accumulated value of their contributions and earnings (including employee, employer share and dividends), payable in 24 months which first amortization will start after five months from check date, with an interest rate of 10.75 percent per annum.

Requirement for processing the loan include calamity loan form, duly accomplished and signed; 2 valid IDs, with photo, signature and home address; and latest pay slip/payroll for employed members or business permit/license for self-employed/self-paying members or employment contract for overseas workers.

Members must have also contributed at least 24 months, with posted latest 6 months contributions prior to loan application, and net pay for government employees should not be less that P3,000 after deduction of the calamity loan amortization.

PAG-IBIG calamity loan program has since been in effect September 26 up to December 23, 2009.

Britanico stressed that PAG-IBIG Fund has enough funds to meet the needs of its members especially those affected by calamities, adding that the agency is very healthy funds-wise.

“Its total assets now stand at P241.4 billon. The Fund was able to provide P33.3 billion in multi-purpose loans last year and P34.4 billion in housing loans. It has an available fund of P37 billion for MPL this year and P42 billion for housing loan,” she said.

She stated that the funds are well protected and used properly. (MALoterte, PIA V)