SAN FERNANDO CITY, La Union (PIA) — The Pag-IBIG Fund-La Union Branch announced that the agency has allocated P297 million in the province in calamity loan funds to help members affected by Super Typhoon Egay.
 
“This calamity loan would help them recover from their losses doon sa nangyaring calamity or pagkasira ng kanilang property or livelihood,” Pag-IBIG Fund La Union Branch Head Rachael Gallano.

Under the Pag-IBIG Fund calamity loan, eligible members may borrow up to 80% of their total Pag-IBIG savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned. 
 
In consideration of the plight of the members, the loan is offered at a rate of 5.95% per annum which is the lowest rate in the market. 
 
The loan is payable over a period of two to three years, with a grace period of three months so that initial payment is due only on the fourth month after the loan is released. 
 
Qualified borrowers may apply for the calamity loan within 90 days from the date when an area has been declared under a state of calamity.
 
Meanwhile, Pag-IBIG Fund-La Union stated that the agency has already released P142.476 million in short-term loans including calamity loans to help eligible members in calamity-hit areas as of June this year. 
 
“Possible kasi na ‘yong miyembro ay hindi resident ng mga nagdeclare ng calamity pero doon siya naka-assign para magtrabaho. So, pwedeng magfile ang residents and those working doon sa area na iyon,” Gallano explained.
 
She added, "All members with at least 24 monthly savings, active, ibig sabihin, meron siyang kahit isa lang na contribution or savings for the last six months, pwede siyang mag-apply nitong calamity loan.”

She also said that the agency is now in coordination with local government units that have declared a state of calamity in their respective areas, particularly Luna and Bangar towns, for the deployment of the agency’s mobile branch to receive applications for calamity loans from members as well as insurance claims from current Pag-IBIG housing loan borrowers whose properties have been damaged due to the typhoon. 
 
The local governments of Bangar and Luna declared a state of calamity last July 28 due to damages caused by “Egay”  by virtue of the Sangguniang Bayan Resolution No. 145, s. 2023 and  Sangguniang Bayan Resolution No. 190, s. 2023, respectively.
 
“For Luna and Bangar, pupunta na po ‘yong team namin until August 4 to cover the mentioned towns para sa distribution ng loan application and also receiving of applications,” she said.
 

Qualified members shall be allowed to borrow through the following steps:
 
1. Secure the Calamity Loan Application Form (CLAF) from Pag-IBIG-La Union Branch or download it from the Pag-IBIG website at www.pagibigfund.gov.ph.
 
2. Accomplish one copy of the application form.
 
3. For releasing loan proceeds through a Payroll Account/Disbursement Card, attach a photocopy of the payroll account/disbursement card/deposit slip (for a newly-opened account).
 
4. Submit the accomplished application, together with the required documents to Pag-IBIG-La Union Branch.
 
Processing of loans shall commence only upon submission of complete documents.  (JCR/AMB/KJCR, PIA La Union)