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PIA Press Release
2009/10/17

Pag-Ibig grants calamity loans to 5,120 members in CAR

by Lito Dar

Baguio City (17 October) -- In line with the government's effort to provide assistance to the people affected by typhoons "Ondoy" and "Pepeng", the Home Development Mutual Fund (HDMF) or PAGIBIG Fund, is providing calamity loans to their members in areas declared under the State of Calamity.

In a radio interview Thursday, PAGIBIG Fund-Baguio branch Provident Benefits and Marketing & Enforcement Division head Philip Raymund Salem confirmed that as of October 14, the office has already released P91 Million in calamity loans to 5,120 members in the Cordillera.

At the national level, PAGIBIG Fund has already received more than 30000 calamity loan applications and already released P3.1 Billion to more than half of them. In line with this, government Housing Czar, Vice President Noli De Castro, ordered the allocation of an additional fund of P3 Billion for such purpose, said Salem.

Under the calamity loan, a member can avail an amount up to 80% of his share, payable within two years with an interest of 10.75% per annum. The said loan is capitalized, meaning the applicant will get the whole amount of his loan without deduction of interests, explained Salem.

Another program lined-up to help typhoon affected PAGIBIG Fund members, is the Home Rehabilitation Program. This aims to provide assistance to their members with existing housing loans. Under the program, those who would apply can avail up to a maximum of P150,000 for house repairs and rehabilitation, payable up to maximum of five years.

Salem also announced that the PAGIBIG Fund is also offering three months moratorium, for their Housing Loan and Multi-Purpose Loan borrowers.

To PAGIBIG Fund members affected by Typhoon Pepeng, for more details and information you can visit their office at the Insular life Building in Legarda Road or call them at telephone number 619-1330 or 6192710. (PIA) [top]

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