Pag-ibig in CV releases P3.84B in calamity, multi-purpose loans

CEBU CITY, Dec. 16 (PNA) — The Home Mutual Development Fund (Pag-IBIG Fund) in the Visayas has released some P3.84 billion in calamity and multi-purpose loans in areas hit by an earthquake last Oct. 15 and super typhoon Yolanda last Nov. 8.

Pag-IBIG officials said that of the total amount, P502 million was for calamity loans that bear an interest rate of 5.95 percent per annum.

For both calamity and multi-purpose loans (MPL), there were 107,000 borrowers from northern Cebu, 102,000 from southern Cebu and 43,000 from Tacloban City.

“The number of applicants is still increasing. We’ve met the target on loan releases but it’s unfortunate that this happened because of calamities,” said Pag-IBIG vice president for the Visayas Victoria dela Peña.

There are 1.3 million Pag-IBIG members in the Visayas, including 443,334 in Cebu South, 340,060 in Cebu North and 153,891 in Tacloban City.

Tacloban branch manager Paul Talacay said 80 percent of their members in Samar and Leyte are government officials and employees.

Survivors of the typhoon, dela Peña said, are also getting a six-month moratorium, during which they won’t have to pay the monthly amortizations if they have any previous housing loans.

If their houses were destroyed by Yolanda, member-borrowers can also file insurance claims for “allied perils,” she said.

They may use the insurance proceeds to pay their balance or to rebuild their houses.

Dela Peña said the families of housing loan borrowers who died as a result of Yolanda may file claims under Mortgage Redemption Insurance (MRI).

Typhoon survivors from northern Cebu may transact with Pag-IBIG Cebu North or its satellite office in Bogo City.

Members in Tacloban City may transact in Leyte or the “mini-Tacloban office” at the Pag-IBIG Cebu building in the Cebu Business Park in Cebu City. (PNA)