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Guimaras housing loans ordered released

September 20, 2006

VICE PRESIDENT Noli de Castro on Wednesday ordered the Pag-ibig Fund to expedite the release of calamity loans to its members in Guimaras Island affected by the recent oil spill.

“This is one way of alleviating the plight of our members, especially from the five affected municipalities of Guimaras – Jordan, Nueva Valencia, San Lorenzo, Sibunag and Buena Vista – who have lost their livelihood,” said De Castro, chair of the Pag-ibig Fund Board of Trustees.

Lawyer Romero Quimbo, the Fund’s president and CEO, reported that since August 28, 2006, the agency has released a total of 15.51 million pesos in calamity loans, covering 1,173 applications.

He also announced that Pag-ibig officers have gone directly to the calamity-stricken areas to personally give the loan applications to affected members. Members would ordinarily need to travel to Iloilo City to avail of their loans. “That won’t be necessary anymore since even the releasing of checks will be done in Guimaras itself,” he added.

Under the Fund’s Calamity Loan program, a qualified member whose place of residence has been declared under a state of calamity can borrow up to 80 percent of his total savings.

From January to July 2006, the Pag-ibig Fund has released 453.88 million pesos in calamity loans benefiting 26,547 member-borrowers across the country. Guimaras Island has a membership base of 2,581 members.

(Published on INQ7.net, Sept. 20, 2006.)

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