Pag-IBIG, SSS, GSIS offer loans for quake victims
MANILA, Philippines - The Pag-IBIG Fund has set aside P4.5 Billion worth of calamity loan assistance for its members affected by the recent earthquake that hit Central Visayas.
Affected members can get loans of up to 80% of their total savings or an average of P16,000, although some members who have bigger premium contributions will also get higher loans.
Pag-Ibig CEO Atty Darlene Berberabe said the interest for that loan has now gone down to 5.95% from 10.5%.
For quake-hit members who have an existing housing loan, there is going to be a 3-month moratorium on payments. But the affected member has to apply so that Pag-Ibig can check if he or she was affected by the quake in the Visayas.
Members can also avail of the housing and house repair loan from Pag-Ibig, which is now up to P6 million.
According to Berberabe, Pag-Ibig has set up satellite offices to better process the loan application of members affected by the earthquake.
Meanwhile, government pension fund Government Service Insurance System (GSIS) is also extending help to members affected by the quake.
GSIS raised the emergency loan credit limit to P40,000 and waives renewal requirements for quake-hit victims.
The emergency loan is payable in 36 equal monthly installments with a reduced interest rate of six percent.
Qualified members are those not on leave of absence without pay; have no arrearages in the payment of mandatory monthly contributions; and have no loans declared in default.
In addition, more than 34,000 members in Bohol and Cebu who have no previous emergency loan and who have no outstanding balance may avail themselves of a P20,000 loan.
The pension fund will accept loan applications until November 24.
Loan application forms are also available at GSIS offices or downloadable at www.gsis.gov.ph. Members may submit their loan applications over the counter at the nearest GSIS office.
The pension fund's branch offices in Bohol and Cebu will remain open during weekends to serve its members.
Meanwhile, the Social Security System will allow the early renewal of salary loans and waive the processing fee for first time loan applicants.
SSS now has a maximum of P30,000 salary loan, where members can loan up to 1 month salary loan for those who had remitted 36 monthly contributions and 2 months salary loan for those who had remitted 72 monthly contributions.
SSS members in quake-stricken areas like Bohol and Cebu can also avail of P1-million house repair loan but they need to present the land title as collateral.
For housing loans, the SSS has a tie-up with banks.
SSS spokesperson Susie Bugante also said pensioners can advance their pension for the next 3 months if they live in areas battered by the earthquake.
But they have to apply before November 29 to avail of this benefit. According to Bugante, the SSS have also set up mobile satellite offices in areas affected by the tremors.
Also, borrowers of the National Home Mortgage Finance Corporation (NHMFC) who were affected by the earthquake can avail of 6-month moratorium on payment amortization.