Pag-IBIG Fund still has adequate funds to provide loans to its active members in La Union since around 81.67 percent of the allocation for this year has been tapped to date.
Pag-IBIG-La Union branch head Rachael Gallano said they have allotted about PHP319.19 million for calamity and multi-purpose loans for around 48,049 potential borrowers this year.
She said they have disbursed about PHP260.69 million to about 8,336 active members as of Aug. 27, 2024.
‘We can request for additional funding if needed since what the members are borrowing are their savings,’ she said in a phone interview Thursday.
Meanwhile, Pag-IBIG La Union division chief Edison Iglesia said around 1,500 active members have availed of calamity loans after the provincial government declared a state of calamity in the aftermath of Typhoon Carina on July 30.
He said they have disbursed some PHP34 million for the calamity loan and are still encouraging active members residing or working in La Union to avail.
‘The loanable amount is 80 per
cent of the member’s savings. They may use this loan to recover from the damages or losses incurred after the typhoon. This is an immediate financial help to them,’ he said in Filipino.
Interest rate for the calamity loan, which is payable within 36 or 24 months, is 5.95 percent per annum.
Iglesia said borrowers may apply online through the virtual Pag-IBIG app or over the counter at the Pag-IBIG branch office in San Fernando City, La Union.
Pag-IBIG La Union branch started accepting calamity loan applications on August 1 until Oct. 28 this year.
Source: Philippines News agency