Pag-IBIG Fund has reduced the interest rate of its calamity loans to help families affected by typhoons and other disasters, said Vice Pres. and Pag-IBIG Board chair Jejomar C. Binay.
“Pag-IBIG’s calamity loan now carries a yearly interest rate of 5.95 percent, compared to the previous 10.75 percent,” Binay said.
"We intend to help ease the burdens of our kababayans living in typhoon-prone areas and those hit by other natural calamities,” he added.
The housing czar said that Pag-IBIG aims to offer the lowest interest rate of calamity loans in the market without compromising the sustainability of the Fund. Members may borrow the equivalent of 80 percent of their total savings.
Pag-IBIG also offers a 3-month moratorium on housing loan payments to affected members. Members may also apply for insurance through Pag IBIG, where they could get the value of the extent of damage.
Meanwhile, the Fund also encourages members working in strife stricken areas abroad to avail of its Special Assistance Program.
Under the program, members may withdraw their total savings without having to wait for 20 years for their membership to mature. They may also avail of a 6-month moratorium on their housing and short-term loan payments.
“These are the Fund’s
way of showing continuing concern for its local and overseas members, and its way of helping out its members during their times of need,” Atty. Darlene Berberabe, Pag-IBIG president and CEO pointed out.
Meanwhile, Vice Pres. Jejomar C. Binay urges the Department of Budget to reconsider its decision to cut the budget for the 2013 mid-term elections.
Binay said, “a return to manual polling will resurrect fears of chaos, fraud,and cheating. It will be a step backward for our democracy”.
This is his reaction after the DBM announced the P13 billion poll budget of the Comelec reduced to P8 billion. /MP
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