Borrowers may choose between a 24- or 36-month payment term and are provided a two-month grace period prior to their first payment. The MPL comes at an interest rate of 10.5 percent per annum. The Pag-IBIG Calamity Loan, on the other hand, is made available to members residing or working in areas declared under a state of calamity.
Of the total amount of cash loans released by the agency, P49.85 billion were in the form of Pag-IBIG MPLs which helped 2,313,143 members, while P3.91 billion were in the form of Calamity Loans which in turn aided 299,348 members. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, cited the reliability and ease of access in availing the Pag-IBIG’s MPL and Calamity Loan as the main drivers for its strong growth.
“We at Pag-IBIG Fund are aware that millions of our members rely on our MPL for their immediate financial needs and our Calamity Loan to help rebuild their lives. That is why we have made these loan programs more accessible and easier to avail for our members.
Source: Loan News Today (loannewstoday.net)
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