The State-run Home Development Mutual Fund (Pag-IBIG Fund) has released P932 million in loans on Wednesday. Even with the implementation of an enhanced community quarantine to restrain the spread of the coronavirus disease 2019 (COVID-19).

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

Moti said, “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.”

The MULTI-PURPOSE LOAN PROGRAM (MPL) 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.

In addition, the calamity loans were 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.

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