MANILA, (PIA) – Pag-IBIG Fund, the Philippines’ national home development mutual fund, released P22.63 billion in cash loans from January to April 2024, a 38 percent increase compared to the same period in 2023.
According to agency officials, the cash loans benefited 965,291 members, nearly 200,000 more than the 766,258 members assisted in the first four months of 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,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
“We are fully committed to President Ferdinand Marcos Jr.’s call to help uplift the lives of the Filipinos,” Acuzar added.
Earlier this year, Pag-IBIG Fund introduced the Pag-IBIG Health and Education Loan Programs (Pag-IBIG HELPs) to support members with their health and educational expenses by partnering with various schools and hospitals.
Pag-IBIG Fund’s Short-Term Loans, which include the Multi-Purpose Loan (MPL) and Calamity Loan, allow qualified members to borrow up to 80 percent of their total Pag-IBIG Regular Savings with flexible repayment terms.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta noted that the new mandatory monthly contribution rates of P200 for both employees and employers have enabled members to access 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,” Acosta said. (JCO/PIA-NCR)
