Pag-IBIG OKs cash loans of over 37,000 members

MANILA, Philippines — The Home Development Mutual Fund or Pag-IBIG Fund has so far approved the cash loans of 37,901 members affected by the enhanced community quarantine due to the coronavirus disease 2019 (COVID-19) pandemic.

This was reported by Pag-IBIG chief executive officer Acmad Rizaldy Moti during his teleconference meeting with the fund’s board of trustees and Human Settlements Secretary Eduardo del Rosario last Friday.

Moti said the approved cash loans, amounting to P716.26 million, would help members in their finances amid another possible extension of the lockdown to give the government more time to address the COVID-19 crisis.

The agency said the cash loans, also referred as short-term loans (STL), “serve as a readily accessible and affordable source of funds where qualified members can borrow up to 80 percent of their total savings in Pag-IBIG Fund.”

Members availing themselves of the STL program can choose between the Calamity Loan and the Multi-Purpose Loan (MPL).

Moti said that the agency will continue processing pending cash loan applications which stand at 221,851 as of April 15. 

Moti said Pag-IBIG members or employers acting on their behalf, may still file their cash loan applications via email. 

“Our members have come to rely on our cash loans for emergencies and this time, it’s no different. That’s why we moved the application process online and set up multiple email addresses to receive applications by area,” Moti said.

Pag-IBIG Fund is among the four key shelter agencies (KSAs) under the Department of Human Settlements and Urban Development (DHSUD).

Del Rosario had earlier ordered a three-month moratorium on the payment of the outstanding housing, multipurpose and calamity loans under the Pag-IBIG Fund, National Housing Authority, National Home Mortgage Finance Corp. and Social Housing Finance Corporation.

The DHSUD said the moratorium will likely result in the non-collection of P31.5 billion by the KSAs but will benefit more than 5.5 million members.