THE Pag-IBIG Fund has released some P5.82 billion under its Special Assistance for Financial Emergencies (SAFE) Loan program to help 803,769 of its members meet their immediate financial needs, a top official revealed on Thursday.
Pag-IBIG CEO Marilene Acosta said the program comes at a time when Pag-IBIG is also helping members with their dream of homeownership through affordable housing loans offered at rates below market, making its programs more responsive to both the immediate and long-term needs of Filipino workers.
“Pag-IBIG Fund is here to help our members in every way we can. In support of President Ferdinand Marcos Jr.’s call to provide aid to Filipino workers in need, we are providing ready and affordable financial assistance through the SAFE Loan,” Acosta said.
At the same time, she said the agency continues to help members achieve homeownership through housing loans offered at rates below market.
Housing Secretary Jose Ramon Aliling said the SAFE Loan forms part of Pag-IBIG’s continuing efforts to heed the president’s call to deliver responsive government services by providing Filipino workers with ready and affordable assistance amid financial challenges caused by the continuing tensions in the Middle East.
Aliling emphasized that the president wanted government agencies to make their services more responsive to the needs of Filipino workers.
“In line with this call, Pag-IBIG Fund is providing ready and affordable financial assistance through the SAFE Loan, especially as the continuing tensions in the Middle East create financial challenges that are being felt by our members and their families,” said Aliling, who also chairs Pag-IBIG’s board of trustees.
“We want our members to know that they can turn to Pag-IBIG Fund for support as they meet their needs and care for their families during this time,” the housing czar added.
Under the SAFE Loan program, Acosta said active Pag-IBIG members with at least 12 monthly savings may borrow up to P10,000 or up to 90 percent of their total Pag-IBIG Regular Savings, whichever is lower.
For a member to qualify, he or she must also not be in default on any existing Pag-IBIG loan.
With a low interest rate of 5.95 percent per annum and payable in 12, 24 or 36 months, the program comes with a three-month grace period before the start of monthly payments to provide members with added financial relief as they address their immediate needs, Acosta said.
While all its branches are open nationwide, the Pag-IBIG top official said members may also apply online through Virtual Pag-IBIG by accomplishing the SAFE Loan application and uploading a photo of one valid identification as well as a selfie photo while holding the same ID.
Loan proceeds are then credited directly to the member’s Pag-IBIG Loyalty Card Plus or LandBank Cash Card, the agency said.
She emphasized that Pag-IBIG still has its Multi-Purpose Loan program where members can apply to in case they need further financial assistance, provided they still have the remaining loanable amount based on their Pag-IBIG Regular Savings.
“This is part of our commitment to be here for our members, not only for their immediate financial needs, but also as their partner in achieving homeownership and building better lives for their families,” Acosta said.
She said members have until Sept. 8 to apply for the SAFE Loan program.
