Pag-IBIG releases P37.43B in 2018 3rd quarter

A TOTAL of P37.43 billion in short-term loans (STL) was released from the Pag-IBIG Fund in the 3rd quarter of 2018, benefiting a total of 1,824,012 borrowers.

This is seven percent higher compared to the number of members served in the same period in 2017.

Under the Pag-IBIG Fund STL Program, members can avail themselves of a Multi-Purpose Loan (MPL) or a calamity loan.

“These Pag-IBIG short-term loans are a big help in augmenting the financial needs of our Filipino workers, especially those who were affected by calamities,” said Pag-IBIG Fund Board chairperson Secretary Eduardo Del Rosario.

Del Rosario, also head of the Housing and Urban Development Coordinating Council, added: “The interest rate for the Pag-IBIG Calamity Loan is the lowest in the market at 5.95 percent per annum.

“From July to September 2018 alone, calamity loan disbursements reached P1.03 billion, which benefited 80,698 families affected by the onslaught of typhoons and heavy rains caused by habagat or the southwest monsoon. On the other hand, P12.18 billion was disbursed for MPL to assist the financial needs of 597,238 borrowers,” he stressed.

To address the increasing number of Pag-IBIG loan borrowers, the Fund established service desks in various municipalities and malls to receive loan applications under the “File Anywhere” campaign, allowing convenience and accessibility to its members who may want to avail of Pag-IBIG Fund’s services.

“Consistent with our Lingkod Pag-IBIG service, we want our members to be able to transact their business with Pag-IBIG Fund at any of our 133 branches and service desks nationwide to relieve them of having to travel to a particular branch or city just to file their loan application. We upgraded our system, primarily, so that we remain responsive to our members’ needs,” Pag-IBIG Fund Chief Executive Officer (CEO) Acmad Rizaldy P. Moti said.

Pag-IBIG Fund implemented an upgrade of its system in 2017. Member profiles and data were migrated and consolidated into a master database to allow easy access of the member’s info from any Pag-IBIG Fund branch.

The migration process, however, affected the processing time of the loan applications, which prompted complaints from Pag-IBIG members.

“[The year] 2017 and the first half of 2018 were a very challenging time for us. On one hand, we know that our members depend on their Pag-IBIG loan proceeds for their financial needs and they need it immediately,” Moti said.

“We also know that this little sacrifice will result in better returns in the future. Our Pag-IBIG staff worked double-time to fine-tune the system. Now that it is stabilized, we are ready to accommodate future loan applications faster,” she added. “In fact, the number of transactions being processed in just over a day has been increasing.”

By the end of 2017, Pag-IBIG disbursed about P46.75 billion in STL, Moti stressed, adding: “At the rate that we are processing our loan applications now, Pag-IBIG Fund could easily process and disburse about P48 billion to P49 billion by the end of the year./PN