DHSUD official lauds Pag-ibig loan approvals
DEPARTMENT of Human Settlements and Urban Development (DHSUD) Secretary eduardo D. Del Rosario commended officials of the Home Development Mutual Fund or Pag-ibig Fund, for their “swift action” in extending loans to thousands of members.
“Pag-ibig’s pro-active stance on making funds immediately available for loans to our members is huge amid these difficult times,” Del Rosario, who is also the chairman of the Pag-ibig Fund Board of Trustees, said. “i also commend Pag-ibig officials for implementing easier procedures, particularly the online applications, for our members to avail of the program while following quarantine protocols,” he added.
earlier, Del Rosario presided over a meeting of the Pag-ibig Fund Board of Trustees (BOT), wherein the Pag-ibig management briefed the BOT on the agency’s measures to aid members and assessed the impact of the coronavirus disease 2019 (covid-19) pandemic.
During the briefing, Pag-ibig Fund officials announced the approval of cash loan applications of 37,901 members affected by the extended enhanced community quarantine (ecq). They form less than 1 percent of the total 14.01 million 2018 Pag-ibig Fund members.
They said that the agency has granted cash loans amounting to P716.26 million to help members with their finances during the lockdown.
Pag-ibig Fund offers short-term loans (STL) composed of the calamity loan and the multi-purpose loan.
The STL programs serve as a readily-accessible and affordable source of funds where qualified members can borrow up to 80 percent of their total savings in Pag-ibig Fund. as of 2018, savings in the Pag-ibig Fund has hit P40.27 billion, the fund’s financial report said.
currently, members, or employers acting on their behalf, are allowed to submit loan applications through email, with the move being made to minimize disruption in service during the ecq.
The Pag-ibig Fund has started accepting applications via email just three days after the ecq was imposed in Luzon last month. Pag-ibig Fund ceo acmad Rizaldy P. Moti said they have received 221,851 cash loan applications as of april 15. “Our members have come to rely on our cash loans for emergencies and this time, it’s no different. That’s why we moved the application process online and set up multiple email addresses to receive applications by area,” Moti said.