DBP, Pag-IBIG ink deal to digitize collection, services

STATE-RUN Home Development Mutual Fund or Pag-IBIG Fund has tapped Development Bank of the Philippines’ (DBP) electronic banking channels in a bid to hasten the former’s collection process.

Pag-IBIG announced it inked a memorandum of agreement (MoA) with government-run DBP, under which the firm will use the lender’s electronic banking facility, Internet payment gateway, and prepaid card.

“This is one of the innovations that support President Rodrigo Roa Duterte’s zero tolerance for corruption and the call of Pag-IBIG Board and Housing and Urban Development Coordinating Council Chairman Eduardo D. Del Rosario for corruption-free housing sector. Electronic processes get rid of systems that breed graft and corrupt practices — just what we need. Also, we want our members and stakeholders to experience ease and comfort in transacting with us,” Pag- IBIG Chief Executive Officer Acmad Rizaldy P. Moti was quoted as saying in a statement emailed to reporters on Friday.

ELECTRONIC PLATFORMS

The collaboration will allow Pag-IBIG Fund to utilize DBP’s electronic banking platform, including its Internet payment gateway for the collection of membership savings and loan amortizations using any BancNet automated teller machines or debit and prepaid cards and Visa or MasterCard credit cards, its DBP Prepaid Card to credit multi-purpose, calamity loans and claim proceeds, and its checkless disbursement solutions, the statement noted.

“DBP is certainly on its way to becoming a digital bank… We will explore other partnership initiatives as we resolve to do more in the name of public service, to offer Pag-IBIG Fund’s brand of public service — Lingkod Pag-IBIG,” Mr. Moti said.

Pag-IBIG Fund’s net income reached P24.91 billion in 2016, higher than the P20.2 billion recorded in 2015. Its total assets likewise grew to P439.6 billion in 2016, higher from the P397.64 billion seen the year prior.

Pag-IBIG also expanded its physical footprint nationwide last year to 119 branches, soaring from the 38 branches seen in 2010 and up slightly from the 112 branches seen at end-2015.

It aims to release around P65 billion in loans for 2017, 13% higher from the P57.31 billion recorded in 2016, in a bid to finance the housing of its about 100,000 members.

Its housing loan take-out last year, covering 77,503 borrowers, was 30.5% higher from P43.93 billion in 2015.

The agency currently has about 17.3 million members. —