Baguio: Pag-IBIG Fund executives in North Luzon will sit down with local government officials in the city and Benguet province to explore how the agency can assist residents whose houses were destroyed by landslides due to continuous heavy rains. "Our CEO (Chief Executive Officer Marilene Acosta) called me; she wants us to work it out with the city on how we can help. I think the city has housing projects in partnership with the Department of Human Settlements and Urban Development (DHSUD), so that we can help finance the housing requirement of our members who lost their homes or whose homes were damaged," Jacqueline Constantino, vice president for North Luzon of Pag-IBIG Fund's Member Services Operation Group (MSOG), said in a follow-up interview on Thursday.
According to Philippines News Agency, Constantino reminded members with existing housing loans that damaged houses are covered by insurance, which can cover the cost of repairs. If a member who filed a housing loan died in the incident that damaged the house, the beneficiaries are also entitled to insurance coverage. "Fully paid na ang loan, wala na pong pro-problemahin ang pamilya na babayarang housing loan (The loan is fully paid, and the family no longer has to worry about paying the housing loan of the deceased member)," she said.
She also mentioned that if a member with a housing loan falls critically ill, the insurance will also cover 12 months of amortization. "We are living up to our name, Pag-IBIG, that is why we continue to come up with programs not just to help members save for the future and earn an income through business loan financing but also to invest in housing," she said.
In a press conference earlier this week, Constantino said Pag-IBIG has lowered the interest rates of housing loans and expanded the income ceiling to allow more members to avail of the benefit. "We offer a low-interest housing loan of 3 percent annual interest for members earning not more than PHP34,500 a month who want to obtain a loan to purchase a lot, a house and lot, or to repair their existing houses," she said.
The income ceiling was lowered from PHP47,000 to PHP34,500 to allow more workers to purchase their own homes. She said that outside Metro Manila, the loanable amount is from PHP950,000 for a house and lot and PHP1.8 million for those purchasing a condominium. Those with monthly income higher than PHP34,500 are eligible to obtain a loan from PHP4.9 million to PHP10 million at a lowered annual interest rate of 5.75 percent, compared with the previous 6.25 percent rate.
She said, however, that the promotional rate is only valid until Dec. 31, 2026. She also said there is an existing short-term home improvement loan payable in five years at 3 percent interest, which does not require any other documents for projects like adding a division, installing a solar system, and other minor construction not requiring government permits.
