Pag-IBIG cuts interest
rate for calamity loans - VP Binay
By OVP Media
July 31, 2012
MANILA – Pag-IBIG Fund has reduced the interest rate of its calamity loans to
help families affected by typhoons and other disasters, said Vice
President and Pag-IBIG Board chair Jejomar C. Binay.
“Pag-IBIG’s calamity loan
now carries a yearly interest rate of 5.95 percent, compared to the
previous 10.75 percent,” Binay said.
“We intend to help ease the
burdens of our kababayans living in typhoon-prone areas and those hit
by other natural calamities,” he added.
The housing czar said that
Pag-IBIG aimed to offer the lowest interest rate of calamity loans in
the market without compromising the sustainability of the Fund.
Members may borrow the equivalent of 80 percent of their total
savings.
Pag-IBIG also offered a
3-month moratorium on housing loan payments to affected members.
Members may also apply for insurance through Pag IBIG, where they
could get the value of the extent of damage.
Meanwhile, the Fund also encouraged members working in strife stricken
areas abroad to avail of its Special Assistance Program.
Under the program, members may withdraw their total savings without
having to wait for 20 years for their membership to mature. They may
also avail of a 6-month moratorium on their housing and short-term
loan payments.
“These are the Fund’s way of showing continuing concern for its local
and overseas members, and its way of helping out its members during
their times of need,” Atty. Darlene Berberabe, Pag-IBIG president and
CEO said.