Pag-ibig allots Php 5.5-B for housing needs of members affected by Yolanda

By Perla G. Lena

TACLOBAN CITY, March 6 (PNA) — The Home Mutual Development Fund (HMDF) or Pag –ibig Fund this year has allotted Php 5.5 billion under the Special Program for Yolanda Survivors that will be used for end-user financing and direct development loan program.

Under this program, qualified borrowers who wish to avail of the housing loan not exceeding Php 450,000 will enjoy a subsidized rate of four percent per annum with six months grace period.

Vice-President Jejomar Binay said that the monthly amortization rate for such amount is only Php 2,000, almost similar to a rent-to-own scheme.

On the other hand, qualified developers have a three percent subsidized rate, he added.

Pag-ibig Fund president and chief executive officer Darlene Marie B. Berberabe added that aside from housing loan, Pag-ibig is also ready to extend calamity and multipurpose loan to qualified members.

She added that these loans are free of interest for six months so as to give borrowers enough time until they would be able to start their amortization.

Last year, some Php600 million was released by the Pag-ibig fund to some 60,000 families in terms of calamity loan.

She also added that non-members can still avail of the privilege by paying in lump sum the two-year required contribution.

Meanwhile, Binay has expressed the continuing support of his office to help typhoon victims in their desire to start anew.

On Thursday afternoon, he witnessed the signing of an agreement between Pag-ibig Fund and the city government of Tacloban, University of the Philippines (UP) and the Philippine Health Insurance Corporation (PhilHealth) to avail of a housing loan program.

“This is a right opportunity for Pag-ibig, National Housing (Authority) and all the other agencies helping us recover in giving better opportunities for our people,” Mayor Alfred Romualdez said.

Binay and Berberabe also led today’s ground breaking and laying of time capsule for a socialized housing project by the Marag-ing Realty and Development Corporation at Brgy Utap.

The project will be funded through the developmental loan program of Pag-ibig for the benefit of Yolanda survivors.

Romualdez said that the activity is also one way of encouraging developers in Tacloban to build socialized housing in the city and make it affordable to Taclobanons. (PNA)