Thursday, June 20, 2019

Pag-Ibig Fund releases P47B in multi-purpose loans, up by 4%

STATE-RUN Pag-Ibig Fund released P46.96 billion in multi-purpose loans (MPL) in 2018, the highest ever released in a single year, posting growth of P1.58 billion or four percent higher than the amount released in 2017.

The MPL released assisted 2.3 million members, up by 11 percent.

“Pag-Ibig Fund’s performance in 2018 is outstanding. Among our record-breaking feats is the amount we disbursed as MPL, which many of our members rely on. The amount of cash loans and the number of borrowers have been steadily increasing since 2016 because more and more members are turning to Pag-Ibig Fund for their financial needs. And we intend to help more members in 2019 as we continue to heed the call of President Rodrigo Roa Duterte to provide social services to more Filipinos,” said Secretary Eduardo del Rosario, who heads both the Housing and Urban Development Coordinating Council and the Pag-Ibig Fund Board of Trustees.

Pag-Ibig Fund also released P2.28 million in calamity loans (CL) to 160,203 members for them to recover from the effects of calamities in their area.

In total, the agency released P49.23 billion under the MPL and CL programs which benefitted 2.4 million borrowers in 2018.

“In Pag-Ibig Fund, we always find ways to serve our members better. So in 2018, despite our transition to a new system, our MPL program was able to assist nearly 2.3 million members with their immediate financial needs. This year, we expect to process loans faster with this new system. This is a testament to our commitment to deliver nothing less than the Lingkod Pag-Ibig brand of service,” said Pag-Ibig Fund Chief Executive Officer Acmad Rizaldy Moti. (PR)


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