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PIA Press Release

Pag-IBIG offers special loan for displaced workers at Davao jobs fair

By Prix D. Banzon

Davao City (11 June) -- The special loan package for displaced workers who are Pag-IBIG Fund members will be accessed by them as the Fund will participate on the June 12 mega job fair in line with the observation of the 111th Independence Day celebration.

The Pag-IBIG Fund has allocated P1 billion for a Special Short Term Loan Program dedicated to displaced workers who are members of the Fund. This is the Fund's way of assisting workers who were displaced due to the closure of companies or retrenchment because of the global financial crisis.

Pag-IBIG Fund Davao branch manager Manolito O. Olegario said these displaced workers can also visit the booth they set up at the NCCC Mall during the mega jobs fair on June 12 to 14, 2009.

He said they will be provided with information on how to avail of the special loan package and if they decide will be provided with application forms which they can submit right at the site.

Meanwhile Pag-IBIG Fund vice-president for southern Mindanao operations Jose W. Banzon, Jr. said there are seven branches and extension offices in the different areas of Southern Mindanao where these displaced workers may also inquire or can file their applications for the special loan.

He said these offices are located in the following areas: Davao Branch, Pryce Tower, JP Laurel Avenue, tel. no. (082) 2218042, Tagum Branch, Ramos Bldg., Arellano Street, tel. no.(084)4004696, General Santos Brach, 2&3F RDRDC Bldg., Santiago Blvd., General Santos City, Koronadal Extension Office, 2nd Level, Fitmart Mall, Marbel, Koronadal City, tel. no. (083)2288125, Cotabato Branch, 6F CYM Bldg., Don Rufino Alonzo St., Cotabato City, tel. no. (064) 4216948, Kidapawan Extension Office, 2F, Zepol Bldg., AlinStreet, National Highway, Kidapawan City, (064) 2885470.

He said to avail of such loan the member should have made at least 24 monthly contributions. An eligible borrower shall be entitled to borrow an amount equivalent to 50% of his Total Accumulated Value (TAV). The loan should have a term of three years, inclusive of one-year grace period with an interest rate of 10.75% per annum, with interest during the grace period.

For a borrower who has been inactive for more than six months, he shall be required to update his membership record with the Fund before filing his Liam: Fetchloan application. The borrower must also present any of the following: notice of separation from employment/termination of services, certification of retrenchment/lay-off secured from the employer.

For the OFWs he or she must present any proof of pre-termination of employment contract retrenchment, closure of the company, or armed conflict that led to his repatriation.

He said the Special Short Term Loan for displaced workers is payable in three years period with an inclusion of one year grace period. (PIA) [top]

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