Pag-IBIG fund reduces yearly interest rate on calamity loans

SAN FERNANDO CITY, La Union, Aug 17 (PIA) — The Home Development Mutual Fund (HDMF) or the Pag-IBIG fund has reduced the yearly interest rate of its calamity loans from 10.75 percent to 5.95 percent to help families affected by typhoons and other disasters.

The move assured members that it has not compromised the sustainability of the fund.

In a press statement, Vice President and Pag-IBIG Board Chair Jejomar C. Binay said that the fund intend to help ease the burdens of our kababayans living in typhoon-prone areas and those hit by other natural calamities.

The member shall be entitled to a loan amount equivalent to 80 percent of his Total Accumulated Value (TAV) and shall be amortized over 24 months with a grace period of three months, according to Rachel H. Gallano, head, marketing unit of Pag-IBIG fund La Union branch.

On the other hand, Atty. Darlene Berberabe, Pag-IBIG fund president and CEO said that this is the fund’s way of showing continuing concern for its local and overseas members and its way of helping out its members during their times of need. (ANL/EMR-PIA 1 La Union, with report from Pagibig Fund)

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