MORE than P2.6 million Pag-Ibig members have benefited from the P53.76 billion cash loans released by the agency for short-term loans last year.
This translates to an increase of 21 percent or P9.46 billion of short-term loans compared to the P44.30 billion released in 2021.
With the amount, the number of members assisted through the program also increased by 24 percent or over half a million more than the 2,090,851 members in 2021.
“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 Short-Term Loan Program, we were able to aid more than 2.6 million Filipino workers gain added funds to tend to their needs last year. 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 Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-Ibig Fund Board of Trustees.
Pag-Ibig Fund’s Short-Term Loan Program includes the agency’s Multi-Purpose Loan (MPL) and Calamity 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.
Borrowers may choose between a 24 or 36-month payment term and are provided a two-month grace period prior to their first payment. The MPL comes at an interest rate of 10.5 percent per annum.
The Pag-Ibig Calamity Loan, on the other hand, is made available to members residing or working in areas declared under a state of calamity.
Of the total amount of cash loans released, P49.85 billion were in the form of Pag-Ibig MPLs which helped 2,313,143 members, while P3.91 billion were in the form of Calamity Loans which in turn aided 299,348 members.
Pag-Ibig Fund chief executive officer Marilene Acosta said Pag-Ibig members can easily and conveniently apply for these loans through many channels, which include their employers, the agency’s more than 200 branches and services offices nationwide, or online via the Virtual Pag-Ibig or the Virtual Pag-Ibig Mobile App.
The Lingkod Pag-Ibig On Wheels, which are currently going around the country, are also ready to receive loan applications from members particularly those from underserved and calamity-stricken areas. / (KOC)