Pag-IBIG: Calamity loans rise by a ten-fold

by Zen Hernandez, ABS-CBN News

Posted at Aug 16 2012 03:12 PM | Updated as of Aug 17 2012 06:54 AM

MANILA, Philippines - Pag-IBIG expects calamity loan applicants to increase more than 10 times due to the recent flooding in Metro Manila and nearby provinces.

At Pag-IBIG's Pasay branch, there is now an average of 3,000 to 5,000 applicants a day, compared to the normal daily average of 300-500.

Pag-IBIG Pasay branch manager Antonio Oblena said the number of applicants is way higher than the number of applicants during Ondoy in 2009.

Vice President Jejomar Binay awarded cheques to several loan recipients and assured that the processing should only take 2-3 days to a maximum of 1 week.

Interest rates were also cut from 10.75% to just 5.95%.

Meanwhile, homeowners with housing loans whose properties were damaged by floods or landslides are also entitled to a mortgage redemption insurance.