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PIA Press Release
2009/06/01

Pag-IBIG Bacolod offers special loan for displaced workers

Negros Occidental (1 June) -- A special loan program for displaced workers is now available at the Pag-IBIG Fund Bacolod Branch, Mr. Wilfredo S. Semolava, Bacolod Branch Manager, announced today.

The announcement came after the Fund's Board of Trustees, headed by VICE President and concurrent Chairman of the Housing and Urban Development Coordinating Council (HUDCC) Noli "Kabayan" De Castro approved the program.

Pag-IBIG members who are presently unemployed due to termination of employment contract, closure of company, lay-off, and retrenchment, which occurred from October 2008 to present will be given financial assistance under a Special Short Term Loan (SSTL) Program for Displaced Workers.

Those who have been repatriated to the Philippines due to pre-termination of employment contract resulting from retrenchment, closure of the company or armed conflict may also apply for SSTL under the Pag-IBIG Overseas Program.

Members who have made at least 24 monthly contributions can borrow an amount equivalent to fifty percent of their total savings. The loan is payable in three years, including a one-year grace period.

Unemployed members with existing MPL, can borrow up to 50 percent of their remaining savings as Pag-IBIG has already deducted or had the balance offset to their earlier loan from their outstanding contributions. The Fund has also condoned any incurred penalties.

Applicants must submit to Pag-IBIG Fund the following requirements: loan application form, member's data form, notice of separation/termination or certification of retrenchment/layoff, proof of billing address and valid ID card bearing residence address. Displaced overseas Filipino workers must submit additional requirements, such as passport or DFA issued travel documents and employment contract.

For the members' convenience, their loan proceeds will either be credited to the borrower's bank account through the Land Bank's Payroll Credit Systems Validation (PACSVAL) or the Philippine Domestic Dollar Transfer System (PDDTS) facilities, and other similar modes of payment. Proceeds may also be released through a check, payable to the borrower.

Members can pay to any Pag-IBIG Fund office or to any of its authorized collecting agents or banks. Should they find employment at any time during the loan term, they may continue paying through their new employers.

Members may renew their STL after paying six monthly amortizations.

The Fund has released close to P5.6 billion in short term loans for the first two months of the year, representing a 20 percent increase over the P4.7 billion level recorded for the same period in 2008.

For more details on the above program, interested parties may contact Pag-IBIG Fund Bacolod Branch at tel. nos. 435-1129, 435-1137 to 40, 435-1149, 435-1205, and 435-1220 to 21. (Pag-IBIG/PIA/EAD) [top]

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