Pag-Ibig rolls out P10K emergency loan amid ME war fallout

MANILA, Philippines – The Pag-IBIG Fund has launched an emergency loan facility of up to P10,000 to help members cope with financial pressures arising from the Middle East conflict.

In a statement, Pag-Ibig said the Special Assistance for Financial Emergencies (SAFE) Loan allow qualified members to borrow up to P10,000 or 90 percent of their Pag-IBIG savings, whichever is less.

READ: Pag-IBIG Fund profits climb 11% to P16.7B in Q1

In addition. the loan carries a 5.95 percent annual interest rate and offers repayment terms of up to three years. Monthly payments could be as low as P308 for a P10,000 loan.

Members may apply for the loan until Sept. 8.

Meanwhile, members with existing multipurpose or calamity loans may still qualify for SAFE Loan assistance, subject to borrowing limits.

Housing Secretary and Pag-IBIG Fund Board Chairman Jose Ramon Aliling said the facility offers timely relief for members as fuel and household costs may remain elevated despite the tentative US-Iran peace deal.

“In response, Pag-IBIG Fund is offering the SAFE Loan so qualified members may have access to affordable cash assistance for urgent household needs, especially as the effects of the Middle East conflict continue to be felt in fuel, electricity, transport and other daily expenses here at home,” he said.

For her part, Pag-IBIG Fund CEO Marilene Acosta said the facility offers a safe alternative to abusive or high-interest loans.

“We made the SAFE Loan simple and easy to access so our members can apply with greater convenience and receive their loans quickly once approved,” Acosta said.

“They may apply through Virtual Pag-IBIG or at any Pag-IBIG Fund branch, and the loan proceeds may be credited directly to their Pag-IBIG Loyalty Card Plus. Its low interest rate, flexible payment terms, and three-month grace period before the first payment make it a more affordable option than many other cash loan options available elsewhere,” she added. /pai INQ