Pag-ibig vows better online transactions

State-run Pag-ibig Fund is moving toward a digital platform to better serve its member-borrowers.

Home Development Mutual Fund CEO Acmad Rizaldy Moti said they are now working to improve a system for online loan transactions, which they target to roll out soon.

“Going online is part of the bigger reform we will undertake. We hope to complete the online loan application very soon,” said Moti during a visit to Cebu early this month.

A 17 percent growth in loan value takeout was recorded from January to June, amounting to P28.83 billion from P24.74 billion during the same period in 2016.

Moti said the agency is striving to outperform the 2016 numbers, which he described as one of the best in the agency’s history. “We believe this year would be better,” he said. Pag-ibig Fund has started to decentralize its services to reach out more member-borrowers. From 28 branches, it has grown to 123 branches, making Pag-ibig services accessible even to those living in far areas.

The agency, likewise, improved its collection efficiency by working with third-party agents (TPAs) such as MLhuillier.

Moti said they have joined other institutions in empowering neighborhood collecting agents to make payments more convenient and more efficient for borrowers.

As of June, Pag-IBIG Fund’s collection efficiency reached 90.2 percent corporate-wide, and 87.44 percent in Visayas. Its non-performing loans ratio went down to a single-digit level of 9.8 percent for the whole agency and 12.56 percent in Visayas.