PAG-IBIG FUND RECORDS ANOTHER FEAT, RELEASES HIGHEST-EVER LOANS IN 2018

THE Home Development Mutual Fund (Pag-IBIG Fund) released P46.96 billion in multipurpose loans (MPL) last year, the highest-ever released in a single year; and a posting growth of P1.58 billion, or 4 percent higher than the amount released in 2017.

The amount assisted 2,268,715 members with their immediate financial needs, 11 percent more than in 2017.

“Pag-IBIG Fund’s performance in 2018 is outstanding. Among our record-breaking feats is the amount we disbursed [for] multipurpose loans, [in] 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,” said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) 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. The fund released P49.23 billion in total, under the MPL and CL programs, for the benefit of 2,428,918 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 multipurpose loan 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,” PagIBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said.