Manila: Pag-IBIG Fund is offering a one-month payment moratorium and reminding borrowers of their Housing Loan insurance coverage to help members recover from the devastation caused by recent typhoons and earthquakes, officials announced on Tuesday.
According to Philippines News Agency, Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Board Chairman Jose Ramon Aliling stated that the measures reflect Pag-IBIG Fund’s ongoing commitment to provide responsive support to Filipino workers affected by disasters. This initiative aligns with President Ferdinand R. Marcos Jr.’s directive to accelerate recovery efforts in calamity-hit areas.
Aliling emphasized, “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.”
Pag-IBIG Fund Chief Executive Officer Marilene Acosta highlighted that the agency’s home loans include built-in insurance that offers protection and helps cover repair costs. She further explained that they are offering a one-month payment moratorium for Housing Loan borrowers in areas declared under a state of calamity due to typhoons Nando, Opong, Ramil, Tino, and Uwan, as well as 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.
Acosta assured Housing Loan borrowers whose homes were damaged that their homes are insured, and the agency is actively reaching out to help them avail of their benefits as soon as possible. She noted that borrowers could conveniently apply online through Virtual Pag-IBIG.
In addition to the insurance and moratorium, Pag-IBIG Fund is also offering calamity loans and home improvement loans at affordable rates. Under the Pag-IBIG Calamity Loan Program, eligible members residing in areas declared under a state of calamity may borrow up to 90 percent of their total Pag-IBIG Regular Savings at a low interest rate of 5.95 percent per annum, the lowest among comparable programs. The loan is payable for up to three years, with an automatic three-month grace period before the first payment.
Through the Pag-IBIG Home Improvement Loan, qualified members can borrow up to PHP300,000 for repairs or home upgrades. The loan is payable within five years and is currently offered at a promotional rate of 3 percent per annum for the first 10,000 borrowers.
Acosta stated, “We know that rebuilding after a disaster takes time and resources. 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. Pag-IBIG Fund is here to make recovery easier, faster, and more affordable for our members.”
