Pag-IBIG Fund: P22.63B cash loans released from January to April

The Home Development Mutual Fund or Pag-IBIG Fund on Tuesday said it released over P20 billion in cash loans in the first four months of 2024.

In a statement, Pag-IBIG Fund said it released P22.63 billion in cash loans from January to April, up 38% from P16.44 billion released in the same period last year.

In terms of members which benefited from the cash loans, the fund said the amount released assisted 965,291 members —200,000 more than the 766,258 members assisted in January to April 2023.

“We are happy that Pag-IBIG Fund continues to serve as a reliable partner of the Filipino workers in their times of financial need. We are fully committed to President Ferdinand Marcos Jr.’s call to help uplift the lives of the Filipinos,” said Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Cash loans of the Pag-IBIG Fund include its short-term loans —comprising the multi-purpose loan (MPL) and calamity loan.

The short-term loans allow qualified members to borrow up to 80% of their total Pag-IBIG Regular Savings, which include their monthly contributions, their employer's contributions, and accumulated dividends.

Pag-IBIG Fund said borrowers have the option of a 24 or 36-month repayment term and benefit from a two-month grace period before the first payment is due.

Pag-IBIG Fund CEO Marilene Acosta, meanwhile, said that the new mandatory monthly contribution rates of P200 for both the employees and employers, members can now avail of higher cash loans for their financial needs.

“Now that our members are saving more with Pag-IBIG, we assure that they will gain access to bigger and better benefits, such as higher cash loans under our Short-Term Loans, which we believe will be more helpful for their financial needs. We also do not charge processing fees, so they can make full use of their loans as intended. This is our commitment to them, that we will always be their financial ally,” Acosta said. — RSJ, GMA Integrated News