PAG-IBIG calamity loan open to OFWs with kin in calamity areas
The online news portal of TV5
MANILA, Philippines - Overseas Filipino Workers (OFWs) with families living in areas under a state of calamity may apply for the Home Development Mutual Fund’s (HDMF or Pag-IBIG Fund) calamity loan.
“All OFWs who are active members of the Pag-IBIG Fund with at least 24 months of contributions and live in areas declared under a state of calamity may access calamity loans,” Vice President Jejomar C. Binay said Wednesday.
OFWs who are currently out of the country may designate a representative to submit required documents in Pag-IBIG branches where they remit their contributions, he added.
Representatives of OFWs need a Special Power of Attorney authenticated by the Philippine Embassy in the OFW’s host country. They must also present two valid IDs.
The Vice President is the Presidential Adviser on OFW Concerns. He is also the chairman of the Housing and Urban Development Coordinating Council (HUDCC) and of the Pag-IBIG Board of Trustees.
Binay was set to visit Pag-IBIG Fund’s Imus, Cavite branch to check the agency’s processing of calamity loan applications Wednesday afternoon. He will also visit Pag-IBIG branches in Pasay, Manila and Caloocan Thursday.
Under Pag-IBIG Fund’s calamity loan program, members may borrow up to 80 percent of their total contributions to be paid in two years.
Binay said qualified Pag-IBIG members may apply for calamity loans within 90 days of the declaration of state of calamity of a particular area.
“They just have to submit an accomplished calamity loan application form and two valid IDs that state their address that is covered by a state of calamity,” he said.
The housing czar also said interest rates for calamity loans have been reduced by almost 50 percent, or from 10.75 percent, to 5.95 percent. “The loan has a grace period of three months, so the amortization only starts on the fourth month from the time of approval of the loan.”