by Elaine R. Alanguilan
[ manilastandardtoday.com ] December 21, 2011
Members and pensioners of the Government Service Insurance System may now apply for a housing loan through the Home Development Mutual Fund, or Pag-IBIG Fund.
GSIS president and general manager Robert Vergara said Pag-IBIG had drawn the entire P5 billion Wednesday to augment the funds available for the housing loans of the pension fund’s members and pensioners.
Vergara and Pag-IBIG chief executive Darlene Berberabe signed the P5-billion credit facility agreement on Nov. 14.
The facility was made available to Pag-IBIG in line with the GSIS’ decision to wind down its direct lending program in April in favor of forging partnerships with key shelter agencies.
“We engaged with Pag-IBIG because of its proven expertise and housing infrastructure,” Vergara said.
GSIS in 2010 extended just P600 million in housing loans to its more than 500 members against Pag-IBIG’s P5.5 billion to over 11,000 government employees, 10 times more what GSIS lent for housing to 20 times more government employees.
“This home lending program affirms our institution’s commitment to helping our stakeholders realize their dream of home ownership,” said Vergara.
“We invite all our members and pensioners, who want to avail of a housing loan to go to our partner Pag-IBIG. The GSIS has given Pag-IBIG more than enough funds to accommodate their housing needs.”
Meanwhile, the pension fund approved the grant of emergency loan to eligible members residing or working in areas severely affected by storm Sendong.
The pension fund said members residing or working in the following areas can file for an emergency loan from Dec. 21, 2011 to Jan. 20, 2012: Misamis Oriental; Negros Oriental; Dipolog, Zamboanga del Norte; Polanco, Zamboanga del Norte; Ozamis, Misamis Occidental; Clarin, Misamis Occidental; Asuncion, Davao del Norte; Tagbina, Surigao del Sur; Hinatuan, Surigao del Sur; Bislig, Surigao del Sur; Lingig, Surigao del Sur; Talacogon, Agusan del Sur; Valencia, Bukidnon; Nabunturan, Compostela Valley; Montevista, Compostela Valley; Compostela, Compostela Valley; New Bataan, Compostela Valley; Monkayo, Compostela Valley; Iligan, Lanao del Norte; Bubong, Lanal del Norte; and Kapai, Lanao del Sur.
Qualified members can apply for an emergency loan via the GWAPS kiosk using their eCard or their UMID eCard.