Pag-IBIG sets records anew, releases nearly P51B in cash loans
MANILA, Philippines — Pag-IBIG Fund disbursed P50.79 billion in cash loans in the last 10 months, breaking its record for the highest amount of cash loans released for any January to October period. The amount released benefitted 2,281,042 Pag-IBIG Fund members, also a record high.
From January to October, the amount of short-term loans released by the agency increased by 12% or P5.5 billion compared to the P45.29 billion released during the same period in 2022.
The number of members assisted through the program also increased by 6% or 127,494 more than the 2,153,548 members from the previous year as more members utilized 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% increase 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. 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,” said Human Settlements and Urban Development Secretary Jose Rizalino Acuzar, who heads the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s Short-Term Loan Program includes the agency’s Multi-Purpose Loan (MPL) and Calamity Loan. Under the Pag-IBIG MPL, qualified members can borrow up to 80% 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, 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