Pag-IBIG cash loan ready to provide financial assistance to members as school season
begins
Pag-IBIG Fund
officials announced on
Wednesday (09 August)
that its cash loan, the PagIBIG Multi-Purpose Loan,
is ready to assist members
with their school-related
fees as the academic season starts this month.
As of June this
year, the agency has assisted 1,182,996 members
with their financial needs
with the release of cash
loans totaling a record
high P26.17 billion. Of this
amount, 13.8% or P3.61
billion were released to
aid 134,140 members with
tuition and enrolment fees,
and other school-related
expenses.
“We at PagIBIG Fund recognize that
many of our members
rely on us for immediate
financial assistance. This
becomes more prevalent
when school season begins. That is why we are
always ready to assist
our members, particularly those seeking funds to
address school-related
expenses with our PagIBIG Multi-Purpose Loan.
All these efforts are in line
with the call of President
Ferdinand Marcos, Jr. to
provide our fellow Filipinos
the means to gain better
and dignified lives,” said
Secretary Jose Rizalino L.
Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and
the 11-member Pag-IBIG
Fund Board of Trustees.
Pag-IBIG Fund’s
Multi-Purpose Loan or
MPL is the agency’s affordable and easily accessible cash 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.
Loan processing is as fast
as 3 days, with the loan
conveniently credited to
the borrower’s Pag-IBIG
Loyalty Card Plus. The
proceeds can be used to
pay for tuition fees and
other school-related expenses, as well as medical expenses, minor home
improvement, or even
serve as capital for small
businesses. The loan is
payable in 24 or 36 monthly installments, with the
first payment deferred for
two months. The Pag-IBIG
MPL comes at an interest
rate of 10.5 percent per
year. 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.
Pag-IBIG Fund
Chief Executive Office
Marilene C. Acosta, meanwhile, said that Pag-IBIG
Fund understands the
plight of Filipino workers
particularly those who
seek funds to provide family members with formal
education. She added that
the agency has made its
cash loan more accessible with its more than 200
branches, its online facility
Virtual Pag-IBIG, and the
Virtual Pag-IBIG mobile
app, ready to accept loan
applications from members.
“The Pag-IBIG
MPL can be used to pay
for tuition and school-related fees. Pag-IBIG Fund
believes that education is
one of the keys to a brighter future and a better life.
We aim to aid parents in
securing these for their
children and hopefully, we
can contribute to bettering the lives not just of the
individual Filipino worker
but their families as well.
These are all part of our
Lingkod Pag-IBIG, Tapat
na Serbisyo, Mula sa
Puso,” Acosta said. END
