Vice President Jejomar C. Binay said Wednesday that Overseas Filipino Workers (OFWs) with families living in areas under a state of calamity may apply for the Home Development Mutual Fund’s (HDMF or Pag-IBIG Fund) calamity loan.
“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 said.
OFWs who are currently out of the country may designate a representative to submit required documents in Pag-IBIG branches where they remit their contributions, he added.
Representatives of OFWs need a Special Power of Attorney duly authenticated by the Philippine Embassy in the OFW’s host country. They must also present two valid IDs.
The Vice President is the Presidential Adviser on OFW Concerns. He is also the Chairman the Housing and Urban Development Coordinating Council (HUDCC) and Chairman of the Pag-IBIG Board of Trustees.
He is set to visit Pag-IBIG Fund’s Imus, Cavite branch to check the agency’s processing of calamity loan applications Wednesday afternoon. He will also visit Pag-IBIG branches in Pasay, Manila and Caloocan Thursday.
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 qualified Pag-IBIG members may apply for calamity loans within 90 days of the declaration of state of calamity of a particular area.
“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.
The housing czar also 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,” he said. “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.”