Pag-IBIG fund releases P5.8M in calamity loans for 'Agaton'

By OVP Media
February 1, 2014

MANILA – The Home Development Mutual Fund (HDMF or Pag-IBIG Fund) has released P5.8 million in calamity loans for members in Mindanao affected by Tropical Depression Agaton, Vice President Jejomar C. Binay said today.

"As of January 28, we have already processed 598 calamity loan applications out of the 827 we have received in four Pag-IBIG branches amounting to P5.8 million," Binay said.

Binay said Pag-IBIG Fund has processed the calamity loan applications of 247 members from Butuan, 317 in Iligan, 32 in Zamboanga, and two in Cagayan de Oro.

The Vice President, who chairs the Pag-IBIG Board of Trustees, said Pag-IBIG Fund branches in affected areas continue to receive and process calamity loan applications.

"We have also issued a three-month moratorium on housing loan payments for those affected by Agaton," Binay added.

Pag-IBIG also recently issued a six-month moratorium for housing and short term loans of members living in Yolanda-affected areas.

Data from the National Disaster Risk Reduction and Management Council shows the death count from the first tropical depression at 70 as of Thursday, with another 86 injured and nine people still missing.

As of Thursday, Agaton has also caused a total of P527,208,104.72 worth of damage, with P273,623,750.00 from infrastructure and P253,584,354.72 from the agriculture sector.