Pag-IBIG launches DBP prepaid card

CEBU, Philippines — A prepaid card designed to give convenient and secured disbursement of funds for loan proceeds was launched yesterday by Pag-IBIG and the Development Bank of the Philippines.

 Loan proceeds of all Pag-IBIG members will now be claimed through the use of the prepaid card provided by DBP. Through the card, members can also easily monitor their balance and pay bills online with the use of Bancnet facility.

 Alex Aguilar, Pag-IBIG deputy chief executive officer, said that the DBP prepaid card, which will rollout starting today, will provide more ways for the members to receive their loan proceeds safely, securely, and conveniently.

Anthony Robles, executive vice president of DBP, announced the partnership with Pag-IBIG as the prepaid card is the new medium for disbursement. Aguilar narrated that talks between Pag-IBIG and DBP started in the late 2015. A memorandum of agreement was entered into July this year.

Aguilar said that with the partnership in place, both institutions will work together to provide innovative collection and disbursement solutions to better serve its members. Currently, multi-purpose loans are released either thru checks, Citi Bank, and Land Bank.

"But the DBP prepaid is the cheapest with only P50 for the card and it has over 200 ATMs nationwide," said Aguilar.

DBP chairman Alberto Romulo led the ceremonial on-lining of DBP ATM inside the office of Pag-IBIG in Cebu City.

 Eduardo del Rosario, Pag-IBIG Board and Housing and Urban Development Coordinating Council, said the new system is in line with the directives of President Rodrigo Duterte to provide efficient and faster government services.

    DBP President and Chief Executive Officer Cecilia Borromeo said that they are proud to be partnering with Pag-IBIG in this initiative that will provide members with fast, convenient and secure way of receiving their loan proceeds.

The prepaid card is equipped with the latest Europay, Mastercard, and Visa (EMV) chip card technology that secures it against fraud and counterfeiting, Small-time loan borrowers-cardholders can withdraw their loan proceeds through DBP and Bancnet ATMs.

Cardholders can also enjoy cashless payment at VISA-accepting stores and outlets worldwide as well as online payments and tap-to-any VISA PayWave terminals.

The card has five-year validity and the same card can still be used for succeeding loan applications. (FREEMAN)