Pag-IBIG sets aside P3-B loans for members hit by Marawi crisis

The Home Development Mutual Fund (HDMF) popularly known as Pag-IBIG Fund has set aside P3 billion for home rehabilitation and reconstruction loans to its members affected by the ongoing conflict in Marawi City.

"We have a P3-billion budget for loans, it's a subsidy, for our members in Marawi, whose houses were damaged during the conflict," Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti told GMA News Online in a phone interview on Saturday.

"That P3 billion is allocated for our almost 9,500 members in Marawi who would want to avail of our home rehabilitation and reconstruction loan packages," Moti said.

The HDMF chief noted that two loan packages or options are available for Pag-IBIG members in Marawi City, Lanao del Sur— the battleground between government forces and Islamic State-inspired Maute terrorist group.

"We have the Express HRRL or Home Rehabilitation and Recovery (HRR) Loan for P150,0000. Ang Pag-IBIG na ang maghahandle ng annotation ng loan on the titles. Para ito doon sa may mga gun holes or other damages sa bahay nila tapos no building plans, permits required," Moti said.

"Meron naman Regular HRR, this is a loan of up to P450,000 and the usual requirements are necessary," he added.

Moti noted that both loan packages will have zero interest for the first six months.

"For the following 18 months it carries a subsidized interest rate of 3 percent. Applicable rules in a lending program will take effect after 24 months," he said.

Moti said all of its members affected by the Marawi crisis can avail of the loan packages "regardless of their income status."

Malacañang earlier said it is planning to spend P20 billion for the rehabilitation of the city.

Several buildings, particularly those located within the city's business district, have been destroyed in military air strikes and clashes between government forces and members of the Maute group.

The local terror group attacked the city on May 23, which prompted President Duterte's declaration of martial law in Mindanao.

The conflict has entered its seventh week with a death toll of more than 400, including more than 300 militants killed in clashes and air strikes.

At least 400,000 people, meanwhile, have been displaced. —ALG, GMA News