VICE PRESIDENT AND Pag-IBIG Board Chair Jejomar Binay today informed OFWs who are members of Pag-IBIG Fund that they are also entitled to avail of the various calamity assistance program that the state institution offers its local members. “Like any other local member of the Fund affected by these calamities, OFWs and their families also need our assistance in these trying times,” he said.
Under the calamity loan program, a qualified member may avail of up to 80% of his total savings. The loan may be paid over a period of 24 months with a 5-month grace period at an interest of 10.75% per annum.
To date, almost 84,000 Pag-IBIG members have filed for calamity loans worth some P1.5 billion in gross loan value, with the highest number of applications filed at the Fund’s Pampanga, Bulacan and Caloocan branches.
Binay also reminded OFW members who have not yet availed of a housing loan, and whose houses were damaged in the recent typhoons, that they may avail of a housing loan from Pag-IBIG to repair or renovate their houses.
On the other hand, Binay reminded existing housing loan borrowers of the Fund that the unit subject of their respective loans are covered by fire and allied peril insurance. If their units were damaged by the recent typhoons, they may make a claim against the insurance. They may file the claim at the nearest Pag-IBIG branch.
Earlier, the Pag-IBIG Fund offered calamity-affected members a three-month reprieve from payment of their housing loan applications. Affected members have until November 9, 2011 to apply for payment moratorium.
To avail of the programs, an OFW has to be an active member with at least 24 monthly contributions and a resident of areas which have been declared under a state of calamity. These areas include: Amulung and Tuguegarao City in Cagayan; Santiago City, Isabela and Isabela Province; Quirino Province; Ifugao Province; Nueva Vizacaya province; Province of Benguet; Province of Pangasinan; Obando, Calumpit and Meycauayan City in Bulacan; Dinalupihan, Pilar, Morong, Abucay and Balanga in Bataan; Province of Bataan; Olongapo City, San Felipe, San Marcelino and Iba in Zambales; Tarlac City, Tarlac; Province of Tarlac; Province of Pampanga; Province of Bulacan; Nueva Ecija Province; Aurora Province; Noveleta, Cavite; San Mateo, Rizal; cities of Malabon, Navotas, Marikina, Manila and Valenzuela in the NCR; and Maguindanao in the ARMM.
OFW members who are abroad and who cannot personally transact with Pag-IBIG Fund can authorize their relatives in the Philippines by executing a Special Power of Attorney (SPA) for this purpose. They can also go to any Pag-IBIG overseas desk for more information and assistance. While members may also apply directly at Pag-IBIG’s overseas desks, the checks will be released in the Philippines and may be claimed by a relative with an SPA.
The Fund currently has about 1.2 million OFW-members.
Pinoy Parazzi News Service