Typhoon victims get Pag-Ibig break

Vice President Jejomar Binay . INQUIRER FILE PHOTO

The state-run Home Development Mutual Fund, or Pag-Ibig Fund has declared a three-month moratorium on housing loan payments for its members who were adversely affected by typhoons “Pedring” and “Quiel.”

Vice President Jejomar Binay, also Pag-Ibig Fund chairman, on Tuesday said “the Fund is expanding its assistance program to its members with the three-month moratorium on payments of housing loan dues.”

The agency said it earlier extended financial assistance to its members in the Luzon area who were severely hit by the two typhoons.

Binay said he hoped the suspension of loan payments “will help alleviate the difficulties faced by Fund members.”

Pag-Ibig Fund chief executive officer Darlene Marie Berberabe said the guidelines for the housing loan payment moratorium would be released within the week.

Meanwhile, Fund members affected by typhoon “Pedring” may still avail of calamity loans.

“They have 90 days—from the day their areas were declared under a state of calamity—to submit their applications,” according to Berberabe.

In a statement, Binay reported that Pag-Ibig had disbursed nearly P24 billion in multipurpose loans during the first seven months of the year, benefiting some 1.2 million members nationwide.

“The amount is P6 billion, or 35 percent more than the amount released during the same period last year,” he added.

The increase in disbursements was attributed to the more extensive marketing campaign conducted by the different operating units of Pag-Ibig Fund.

Berberabe said “a significant peak in the availment of loans was recorded in May when many members availed of loans to defray tuition expenses,” among others.

“The Fund’s multipurpose loan continues to be a source of ready money for members in times of need. Under the program, qualified members may avail of 60 percent to 80 percent of their total savings, depending on the amount of their monthly contributions. The loan, which carries an interest rate of 10.75 percent a year, may be repaid over a period of two years,” Berberabe explained.

She expressed confidence that the Fund would exceed its P36 billion target in multipurpose loan availments this year.”

Originally posted: 7:51 pm | Tuesday, October 4th, 2011