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Pag-IBIG members affected by ‘Labuyo’ may apply for loans—Binay

By: - Reporter / @TarraINQ
/ 06:50 PM August 13, 2013

Vice President Jejomar Binay: Trumping the President. INQUIRER FILE PHOTO

MANILA, Philippines — Members of the Home Development Mutual (Pag-IBIG) Fund affected by Typhoon “Labuyo” may apply for calamity loans under a deferred-payment scheme as they begin rebuilding after the storm, Vice President Jejomar Binay said Tuesday.

Binay, the Pag-IBIG chairman, said Tuesday that Pag-IBIG members residing in areas declared under a state of calamity may avail themselves of a loan amounting to 80 percent of their total savings.

The loan is payable in 24 months at 5.95-percent annual interest, but members may seek to defer their first payment for three months, Binay’s office said Tuesday.

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“By giving them the choice to defer the payment, we can help ease the burdens of our kababayans living in typhoon-prone areas and those hit by other natural calamities,” Binay said.

“This is the Fund’s way of showing continuing concern for its members, and its way of helping out its members during their times of need,” he added in a statement.

The towns of Dilasag, Dinalungan and Casiguran in Aurora, Masinloc in Zambales and the entire Quirino province have been declared under a state of calamity by their respective local officials following devastation by Labuyo on Monday.

Binay said members who wish to apply for a loan should bring with them proof they reside in the said localities in filing their application form.

Pag-IBIG President Darlene Marie Berberabe said the agency will also deploy mobile offices to the calamity areas to bring services closer to typhoon-hit families.

Applications may be filed within three months from the time a town was declared under a state of calamity.

Two months ago, Pag-IBIG released P34.2 million in loans to some 3,000 members in North Cotabato following a damaging earthquake. The agency is also currently processing applications from members affected by flooding in Cotabato City, Maguindanao and Sultan Kudarat.

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TAGS: Calamity Loan, Housing, Jejomar Binay, Mutual Fund, Pag-Ibig Fund, Typhoon Labuyo, Weather
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