PAG-IBIG Fund (Pag-IBIG) announced on Friday that it has disbursed P50.79 billion in cash and short-term loans in the first 10 months of 2023.
According to the government-owned and -controlled corporation, the amount of these loans released increased by 12 percent compared to the P45.29 billion released during the same period in 2022, which broke its record for the highest amount of cash loans released for any January to October period as the amount released benefited 2,281,042 Pag-IBIG Fund members, also a record high for the given period.
Moreover, it said the number of members assisted through the program also increased by 6 percent or 127,494 more than the 2,153,548 members from the previous year, and that 743,362 members filed their loans online for the 10-month period, an increase of 266,281 borrowers or 56 percent year on year.
“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,” said Department of Human Settlements and Urban Development Secretary and Pag-IBIG Chairman Jose Rizalino Acuzar.
Pag-IBIG also mentioned that as of the total amount of cash loans released by the agency, P48.32 billion were in the form of Pag-IBIG MPLs, which helped 2,131,435 members, while P2.48 billion were in the form of calamity loans which, in turn, aided 149,607 members.
Pag-IBIG’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 percent 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 or even serve as business capital.
Meanwhile, the Pag-IBIG calamity loan, on the other hand, is available to members residing or working in areas declared under a state of calamity.
Pag-IBIG Chief Executive Officer Marilene Acosta, meanwhile, cited the reliability and ease of access in availing the Pag-IBIG’s short-term loans as the main drivers for its strong growth for the 2023 10-month period.
Acosta also added that with more members applying for loans using the Virtual Pag-IBIG, the amount of cash loans released by the agency in the period of January to October from online applications jumped to P16.65 billion, an increase of 64 percent year on year.