On May 8, PHI PAG enhanced its guidelines on calamity loan program.
PHI PAG issued the Enhanced guidelines on the Pag-IBIG fund calamity loan program.
Follows PHI PAG Jul. 2021 revised guidelines on calamity loan program, see #174075.
Outline of Enhanced Guidelines
Added definition of active overseas Filipino worker member and net take home pay.
Eased borrowers' eligibility to those who have made at least 12 monthly membership savings (MS) instead of at least 24 monthly MS; removed the requirement of having made at least one MS within the last six months prior to the date of loan application.
Raised loan entitlement to 90% of members' total accumulated value (TAV) instead of 80%; raised the short-term loan limit to 90% of borrowers' TAV instead of 80%.
Added a one-year repayment period; where borrowers have paid less than 6 monthly amortizations prior to default, consequent offsetting against TAV, the members may apply for a new loan only after 1 year from date of TAV offsetting instead of 2 years.
Effectiveness
Enhanced guidelines will take effect from May 23, 2025, or 15 days after the completion of its publication in official gazette or in a newspaper of general circulation.
