Ever experienced hearing an impending bad news to a place you have known to call home, arising from what appears to be a force of nature that cannot be stopped on its track?
The experience can indeed be real scary especially if the household you call a sanctuary is not rugged or in a well enough position to shield you from nature’s approaching fury.
But this could get significantly worse if both the said conditions fit your present circumstance and are paired with sheer poverty whose culmination will only aggravate your status further and make recovery seemingly a conundrum.
As dire as this may sound like, many are the households which are already in a bad shape to begin with that are also in the pathway of natural calamities to be trudged upon.
Yet, natural calamities are often indiscriminate which thus chooses neither rich nor poor when it strikes.
Consequently, both the well-off and the typical poor are aggravated but starkly contrasted by their ability to recuperate from the damage they sustained.
However, this ability to recover from the damage is not only always dependent upon the riches of the household. Commonly enough the case, it could also be a matter of just having the right funds to prepare for the damage that the tragedy will cause.
You may either have a saved emergency fund specifically in preparation to awful circumstances or you have a loan for it, regardless you are right at stashing some funds for the unhappy event.
If you are in the Philippines, the latter could easily translate to resorting to immediate loans as an active member of PAG-IBIG via its Calamity Loan Program.
What is PAG-IBIG Calamity Loan Program?
The label literally already speaks for itself for what it is. PAG-IBIG Calamity Loan Program is a system placed to safeguard the welfare of active PAG-IBIG members who are suddenly placed in an unfortunate disposition brought forth by a cataclysm.
Well-off or not, every Filipino is entitled to this program so long as the following criteria are met:
- An active PAG-IBIG member with at least 24 months or 2 years’ worth of contributions
- Otherwise, an active member with at least 5 months’ worth of contributions for the last 6 months before the date of applying for the loan
- Located in an area broadcasted to be under the state of calamity as announced by the Local Sanggunian or Office of the President
- If having an existing loan from PAG-IBIG, the member must not be in default at any particular loan at the date of application
How much is the maximum loan?
An entitled member may borrow as much as 80% of his Total Accumulated Value (TAV) as subject to the program’s terms and conditions.
At the present, the interest rate for the loan is set at 5.9% per year.
How about the payment period?
The loan is on its regular liquidation across the span of 24 months or 2 years and a grace period of 3 months. An eligible member granted the loan is liable to pay back what he owed at the 4th month after the check date.
How about those who has outstanding MPL/Calamity Loan?
In case of eligible members having an outstanding loan, the same person may still avail for another granted to certain conditions. However, the aggregate short-term loan must not exceed 80% of the borrower’s Total Accumulated Value.
Availability of the Loan
Valid members can avail of a Calamity Loan within the period of 90 days as soon as the state of calamity is declared to specific regions.