Pag-IBIG Fund released P15.82 billion in cash loans in the first four months of the year, an increase of 5% from the P15.10 billion released during the same period last year, agency officials announced Wednesday (07 June 2023).
The amount of Multi-Purpose Loans disbursed by the agency helped 728,653 members with their financial needs.
“We at Pag-IBIG Fund exert all efforts in providing our members with assistance on their financial needs. We are happy to note that through our Pag-IBIG Multi-Purpose Loan, we were able to aid more than 700 thousand Filipino workers gain added funds to tend to their needs. All our efforts are in line with the call of President Ferdinand Marcos, Jr. to provide the best service to the Filipino people,” said Secretary Jose Rizalino L. Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s Multi-Purpose Loan or MPL is the agency’s affordable and easily accessible cash loan. Under the Pag-IBIG MPL, qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned. The proceeds can be used to pay for tuition fees, medical expenses, minor home improvement, a family trip, or even serve as capital for small businesses. The loan is payable in 24 or 36 monthly installments, with the first payment deferred for two months. The Pag-IBIG MPL comes at a low interest rate of 10.5 percent per year. In the past years, the agency has returned more than 90 percent of its income to its members in the form of dividends.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that the agency now provides members with numerous ways to conveniently apply for a Pag-IBIG MPL through its more than 200 branches, its online facility Virtual Pag- IBIG found in its website, and the Virtual Pag-IBIG mobile app.
“Each year, over 2.5 million members rely on the Pag-IBIG MPL for their immediate financial needs. More than being a reliable source for cash, our MPL is now more accessible to members. In addition to applying for a loan by submitting their applications through their employers or at a Pag-IBIG branch, our members may now also apply for a Pag-IBIG MPL wherever they are, online, with the Virtual Pag-IBIG. This makes the Pag-IBIG MPL more reliable and more accessible than ever,” Acosta said.
In total, the Pag-IBIG Fund released P16.44 billion in short term loans benefitting 766,258 members in January to April. This includes the amount released under the Pag-IBIG MPL and the P.62 billion in Pag-IBIG Calamity Loans it released to aid 37,605 members.