Pag-IBIG releases P932M in loans

State-run Home Development Mutual Fund (Pag-IBIG Fund) on Wednesday said it has released some P932 million in loans so far even with the implementation of an enhanced community quarantine to curb the spread of the coronavirus disease 2019 (COVID-19).

According to Pag-IBIG Fund CEO Acmad Rizaldy Moti, the amount covers both calamity loans and multipurpose loans.

"As of yesterday, nakapag-release na tayo ng total short term loan. Magkasama na ang calamity loans at multipurpose loans ng P932 million at ang natulungan natin diyan ay almost 57,000 members and growing," he said.

The MPL program allows qualified members to borrow up to 80% of their total Pag-IBIG regular savings, which consists of their monthly contributions, their employer's contributions, and accumulated dividends earned.

The loans are payable within 24 months, and comes with a deferred first payment, and an interest rate of 10.5% per annum.

Meanwhile, calamity loans are given to members in areas where an ECQ is placed. It allows members to borrow up to 80% of their total savings at an interest rate of 5.95% per annum.—AOL, GMA News