Pag-Ibig releases P453.88-M for calamity loans
By Rose B. Palacio
Davao City (27 September) -- Pag-IBIG fund has released P453.88-million in calamity loans from January to July 2005 benefiting 26,547 member-borrowers across the country.
Under the Fund's calamity loan program, a qualified member whose place of residence has been declared under a state of calamity can borrow up to 80 percent of his total savings.
Based on the instruction of Vice President Noli de Castro, chairman of the Pag-Ibig Fund board of trustees, Pag-Ibig in Iloilo took a pro-active approach and went directly to the calamity-stricken areas to personally give the loan applications to affected members, said Pag-Ibig Fund president and CEO Lawyer Romeo Quimbo.
Members would ordinarily need to travel to Iloilo City to avail of their loans. That won't be necessary anymore since even the releasing of checks will be done in Guimaras itself.
Atty. Quimbo reported to the Vice President that since August 28, they have released P15.51 million in calamity loans, covering 1,173 applications.
Vice President de Castro has instructed the corporation to immediately release calamity loan applied by the Pag-Ibig members from Guimaras island.
VP de Castro said this is one way of alleviating the plight of members who have lost their livelihood, specifically those from the five affected municipalities of Guimaras - Jordan, Nueva Valencia, San Lorenzo, Sibunag, and Buena Vista.
Guimaras island has a membership based of 2,581 members. (PIA-XI) [top]