VP Binay: Pag-IBIG loan open to OFWs' kin in calamity areas

Relatives of overseas Filipino workers whose homes are located in areas under a state of calamity due to the recent heavy rain and floods may avail of a loan from the Home Development Mutual Fund (Pag-IBIG Fund). But the OFWs must be active members of Pag-IBIG Fund for the kin to avail of such loans, Vice President and presidential adviser on OFW concerns Jejomar Binay said Wednesday. “Ang lahat ng mga OFW na aktibong miyembro ng Pag-IBIG Fund na may 24 buwang kontribusyon at nakatira sa mga lugar na idineklarang under state of calamity ay pwedeng kumuha ng calamity loan," Binay, who also chairs the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Board of Trustees, said on his Facebook account. Last week, floods brought by heavy rain swamped many parts of Metro Manila and nearby provinces, forcing the suspension of classes and work. 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 interest rates for calamity loans have been reduced by almost 50 percent. “Mula sa dating interest na 10.75 percent, binaba namin ito sa 5.95 percent. Ang loan ay may grace period na tatlong buwan kung kaya't ang amortisasyon ay babayaran lamang po sa ikaapat na buwan pagkaapruba ng loan,"  he said. 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. OFWs who are now out of the country may designate a representative to submit required documents to the Pag-IBIG branches where they remit their contributions, he added. The OFW representatives will need a Special Power of Attorney authenticated by the Philippine Embassy in the OFW’s host country. They must also present two valid IDs. “Magpapasa lamang po ng calamity loan application form at dalawang valid ID kung saan nakalagay ang address na kasama sa idineklarang under state of calamity," he said. — LBG, GMA News