Pag-IBIG cash loans hit P22.6B in 1st 4 months

PHOTO FROM PAG-IBIG WEBSITE

MANILA, Philippines — The Home Development Mutual Fund (HDMF) or the Pag-IBIG Fund announced that they released P22.63 billion in cash loans for the first four months of 2024.

In a statement on Tuesday, the agency's officials said the loans benefited 965,291 members, which is a 38 percent increase from P16.44 billion of releases in the same period last year, having assisted 200,000 more members compared to last year's 766,258 members.

"We are happy that Pag-IBIG Fund continues to serve as a reliable partner of the Filipino workers in their times of financial need. We are fully committed to President Ferdinand Marcos Jr.'s call to help uplift the lives of the Filipinos," said Housing Secretary Jose Acuzar and the 11-member board of trustees of the agency.

It also introduced the Pag-IBIG Health and Education Loan Programs (Pag-IBIG HELPs) earlier this year, which is "designed to support members with their health and educational expenses by partnering with various schools and hospitals."

Under the program, loans that were approved are directly credited to the accounts of partner institutions and discounts from total bills are applied while using the service.

Meanwhile, Pag-IBIG's short-term loans, which consist of the multi-purpose loan and calamity loan, enable qualified members to borrow up to 80 percent of their regular savings from the fund.

This includes their monthly contributions, their employer's contributions, and accumulated dividends. Borrowers have the option of a 24- or 36- month repayment term and benefit from a two-month grace period before the first payment is due.

Pag-IBIG Fund Chief Executive Officer Marilene Acosta said that amid a new mandatory monthly contribution rate of P200 for employees and employers, members can avail of higher cash loans for their financial needs, especially under their loan programs.

She also said that the fund will not charge a processing fee, so that members can make full use of their loans.

"Now that our members are saving more with Pag-IBIG, we assure them that they will gain access to bigger and better benefits, such as higher cash loans under our short-term loans," she said.