Banner year sees P51-B cash loans

More Pag-IBIG participants used the agency’s online channel, the Virtual Pag-IBIG, to apply for cash loans.

Shelter financing agency Pag-IBIG Fund disbursed P50.79 billion in cash loans in the year until October, breaking its record for the highest amount of cash loans released during the period.

The amount released benefited 2.3 million Pag-IBIG Fund members, which was also a record high.

From January to October, short-term loans increased by 12 percent or P5.5 billion compared to the P45.29 billion during the same period in 2022.

The number of members assisted through the program also increased by 6 percent or 127,494 more than the 2,153,548 members from the previous year.

More Pag-IBIG participants used the agency’s online channel, the Virtual Pag-IBIG, to apply for cash loans. During the period, 743,362 members filed their loans online, an increase of 266,281 borrowers or 56 percent year-on-year.

“We are happy to report that Pag-IBIG Fund continues to provide Filipino workers with assistance on their immediate financial needs through our cash loans, Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development, or DHSUD, and the 11-member Pag-IBIG Fund board of trustees, said.

Several records breached

“The record-high amount of loans we released, as well as the highest ever number of members aided through these loan program, show that our short-term loans are among the top choices of Filipino workers in gaining additional funds for their needs. All these are part of our efforts in heeding the call of President Ferdinand Marcos Jr. to provide the best service to the Filipino people,” he added.

Pag-IBIG Fund’s short-term loan program includes the agency’s Multi-Purpose Loan, or MPL and Calamity Loan.

Under the Pag-IBIG MPL, qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions and accumulated dividends earned.

The proceeds can be used to pay for tuition fees, medical expenses, minor home improvement, a family trip, or even serve as business capital. Borrowers may choose between a 24 or 36-month payment term, with the first payment deferred for two months.

The Pag-IBIG Calamity Loan, on the other hand, is available to members residing or working in areas declared under a state of calamity.

In the past years, the agency has returned more than 90 percent of its income, mostly derived from interest on loans, to members in the form of dividends.

Of the total amount of cash loans released by the agency, P48.32 billion were in the form of Pag-IBIG MPLs which helped 2,131,435 members, while P2.48 billion were in the form of Calamity Loans which, in turn, aided 149,607 members.