Pag-Ibig Fund releases P22.63B cash loans

Pag-Ibig Fund releases P22.63B cash loans
SunStar Business

STATE-RUN Pag-Ibig Fund released P22.63 billion in cash loans in the first four months of the year, benefiting 965,291 members.

This is a 38 percent hike over the P16.44 billion released in the same period of 2023, assisting nearly 200,000 more members than the previous year’s 766,258.

Pag-Ibig Fund chief executive officer Marilene Acosta expects robust borrowing following the new mandatory monthly contribution rates of P200 for both employees and employers.

She said members can now avail themselves of higher cash loans for their financial needs.

“Now that our members are saving more with Pag-Ibig, we assure that they will gain access to bigger and better benefits, such as higher cash loans under our short-term loans, which we believe will be more helpful for their financial needs. We also do not charge processing fees, so they can make full use of their loans as intended,” she said in a statement.

Pag-Ibig Fund recently introduced a new service called Pag-Ibig Health and Education Loan Programs (Pag-IBIG Helps) earlier this year.

This program is designed to support members with their health and educational expenses by partnering with various schools and hospitals. Loans approved under Helps are directly credited to the accounts of the partner institutions and members can enjoy discounts on their total bills when using this service.

Pag-Ibig Fund’s short-term loans, comprising the multi-purpose loan and calamity loan, allow qualified members to borrow up to 80 percent of their total Pag-Ibig Regular Savings. 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. / KOC

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