Wednesday, February 11, 2004
Pag-ibig 7 multipurpose loans up 7%
By Cherry T. Lim
THE Home Development Mutual Fund (HDMF) 7, more popularly known as the Pag-ibig Fund, gave out P876.29 million worth of multipurpose loans in Central Visayas last year, up seven percent from 2002.
Vicky dela Peña, regional manager for the Pag-ibig Fund Cebu Regional Office, told Sun.Star that those who benefited from last year’s loans numbered 95,501, up from 94,563 borrowers in 2002.
The latest figures reveal that the Pag-ibig Fund missed its target of giving out a total of P1.126 billion in multipurpose loans to 103,327 borrowers.
Not qualified
Dela Peña attributed this to the fact that some potential borrowers might not have been qualified to take out loans.
She said there was a rule that for government workers who want to take out loans, their take-home pay must not go below “P3,000 a month after the loan.”
She added that private employers were also guided by their own internal rules, so that they may have discouraged their employees from borrowing if these did not have the capacity to repay the loans.
However, Dela Peña said the Fund would be more proactive in encouraging members to take out loans, up to the extent of writing them to tell them that they could renew their loans.
It takes about two working days to process an application for a multipurpose loan, she said.
Central Visayas groups Cebu, Bohol, Negros Oriental and Siquijor.
(February 11, 2004 issue)
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